Oil surges

Singapore/Tokyo :Oil prices were largely steady in early Asian trade on Wednesday, hovering near a four-week high hit a day earlier after top exporter Saudi Arabia said it was determined to end a supply glut.

Brent crude, the global benchmark, was up 10 cents at $58.43 a barrel by 0103 GMT, after settling on Tuesday up 96 cents, or 1.7 percent. U.S. West Texas Intermediate crude was trading down 4 cents at $52.43 a barrel, having risen 57 cents on Tuesday.

Saudi Arabia´s energy minister said the focus remained on reducing oil stocks in industrialised countries to their five-year average and raised the prospect of prolonged output restraint once an OPEC-led supply-cutting pact ends. The OPEC, plus Russia and nine other producers, have cut oil output by about 1.8 million barrels per day (bpd) since January.