Oil Prices Hold Steady, Propped Up by US Purchases

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. Both contracts jumped more than 2 percent on Friday but were down for a seventh straight week, their longest streak of weekly declines since 2018, on lingering oversupply concerns. The recent price weakness drew demand from the United States, which has sought up to 3 million barrels of crude for the…