MTECHTIPS;-Oil steadies as equities gain, but concern builds over supply

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MTECHTIPS;-Oil steadies as equities gain, but concern builds over supply

MTECHTIPS-Oil prices were broadly steady on Thursday, supported by a pickup in equity markets, but held back by evidence that supply will overtake demand this year. Brent crude futures (LCOc1) were last down 13 cents on the day at $64.76 a barrel, while U.S. West Texas Intermediate (WTI) crude futures (CLc1) were up 1 cent at $60.97 a barrel. Global oil demand is expected to pick up this year but supply is growing at a faster pace, leading to a rise in inventories in the first quarter of 2018, the International Energy Agency (IEA) said on Thursday. “Oil and (the stock market) have been moving hand in hand … which basically means oil is extremely sensitive to the growth outlook,” SEB commodity strategist Bjarne Rothschild said, adding he still expected demand growth to reach 1.8 million barrels per day (bpd) this year. European equity markets were buoyed by strong earnings from several key financial firms, while U.S. stock index futures pointed to a pickup on Wall Street later. The oil price has moved in sync with stocks uninterruptedly for the past 99 trading days, the longest such stretch in two years