Oil stable

Singapore/Tokyo: Oil prices were stable on Monday, supported by supply concerns in the Middle East and declining U.S. drilling activity, although analysts warned that the United States market may not be tightening by as much as expected.

Brent crude futures were at $57.75 at 0710 GMT, unchanged from their last close.

U.S. West Texas Intermediate (WTI) crude was at $51.92 per barrel, up 8 cents, or 0.14 percent.

"Oil prices are holding comfortably above $50 as possible supply disruptions in the Kurdish region of Iraq support prices," said William O´Loughlin, analyst at Rivkin Securities.

"U.S. production was also recently impacted by a hurricane for the second time in as many months and the number of U.S. drilling rigs declined for the third week in a row," O´Loughlin said.