Oil Prices Hold Steady, Propped Up by US Purchases

A pump jack is seen surrounded by steam during sunset at a PetroChina's oil field in Karamay, Xinjiang Uigur Autonomous Region on Jan. 5, 2011. Stringer/Reuters

LONDON—Oil prices held steady on Monday as U.S. efforts to replenish strategic reserves provided support, though concerns persist about oversupply and softer fuel demand growth next year.

Brent crude futures edged up 2 cents to $75.86 a barrel by 0913 GMT. U.S. West Texas Intermediate crude futures were up a single cent at $71.22.