oil steady above 40$

Oil steadied above $40 a barrel on Tuesday, after falling nearly 4 percent the previous session when U.S. data sparked further concerns over the economy and demand in the world’s top energy consumer.

A U.S. government report on Monday showed consumer spending fell for the sixth straight month in December and the outlook remaining bleak, adding to the grim picture painted by earlier data releases in Asia and Europe.

U.S. light crude for March delivery rose 42 cents to $40.50 a barrel by 1:40 a.m. British time, having fallen to $39.83 on Monday, the first time below $40 a barrel in three weeks.

London Brent crude was 98 cents higher at $44.80 a barrel.

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