LONDON:– Oil prices were steady Monday after last week's rally, as traders reacted to

renewed oversupply concerns spurred by an increase in US rigs output, analysts said. Last week's gains lifted US benchmark West Texas Intermediate (WTI) above $40 for the first time since December, buoyed by a sharp drop in the dollar and revived optimism that

producers would strike a deal to freeze output. Around 1230 GMT on Monday, WTI for

delivery in April was down 23 cents at $39.21 a barrel. Brent North Sea crude for May

delivery dropped 20 cents to $41.40 a barrel compared with Friday's close.–AFP