Oil firm

Tokyo : Oil prices remained steady, supported by traders placing new hedges in the futures market in anticipation of a decline in U.S. crude inventories, but held back from advancing by the prospect of rising global supplies.

U.S. West Texas Intermediate (WTI) crude futures were at $68.87 per barrel at 0647 GMT, down 9 cents from their last settlement.

Brent crude futures were at $73.40 per barrel, down 5 cents from their last close.

Overall U.S. crude oil inventories actually rose by 3.8 million barrels last week to 408.74 million barrels , according to data from the Energy Information Administration (EIA), however stocks at the key Cushing storage hub in Oklahoma fell by 1.3 million barrels, the EIA data showed.

"Hedges (are) thought to be a factor in oil prices being well bid," said Stephen Innes, head of trading for Asia-Pacific at futures brokerage OANDA in Singapore.