Oil Steadies Near $80 as China Announces Stimulus

An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang Province, China, on Jan. 4, 2023. China Daily via Reuters

LONDON—Oil steadied on Wednesday, with Brent trading near $80 a barrel, as a Chinese economic stimulus package and geopolitical tensions were offset by concerns over tepid demand and a stronger dollar.

The front-month March contract for Brent crude fell 4 cents to $79.51 a barrel at 1109 GMT. U.S. West Texas Intermediate crude ticked up 4 cents to $74.41 a barrel.