Oil steadies

Tokyo: Oil prices were stable on Friday, held back by a strengthening U.S. dollar but supported by China´s relentless thirst for crude amid the OPEC-led supply cuts that have already tightened the market this year.

U.S. West Texas Intermediate (WTI) crude futures were at $56.68 a barrel at 0535 GMT, virtually unchanged from their last settlement at $56.69.Brent crude futures, the international benchmark for oil prices, were steady at $62.20 a barrel.

Traders said a stronger dollar, which has gained 0.9 percent this month against a basket of other leading currencies, was weighing on prices. A rising greenback attracts financial traders who switch investments between commodity futures and foreign exchange. A strong dollar is also seen by many as a brake on crude prices, as it makes dollar-denominated oil purchases more expensive in countries that use other currencies.