Picture used for illustrative purpose. File

Gulf Today Report 

Oil prices remained steady on Friday as investors contemplate between an increase in supply from major producers and the impact on fuel demand from the COVID-19 pandemic.

Brent crude futures for June edged down 2 cents to $63.18 a barrel by 04:50 GMT while US West Texas Intermediate (WTI) crude for May was at $59.70 a barrel, up 10 cents, or 0.2%.

According to analysts, global oil inventories are likely to keep decreasing, as fuel demand increases in the second half of the year as global economic recovery gains momentum.

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Virendra Chauhan, energy aspects analyst said "a lot of destocking is going on so we are well into the rebalancing process."

Investors are worried about the effect of new restrictions and the slow pace of vaccination could alter the oil demand picture.

Stephen Innes, chief global markets strategist at Axi, said oil prices are expected to trade in a range between $60 and $70 as investors weigh these factors.