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SINGAPORE, Oct 25 (Reuters): Oil steadied above $60 a barrel today, with traders shifting their attention to the next set of clues about US oil demand after Hurricane Wilma bypassed oil and gas fields in the Gulf of Mexico.
US light crude traded 3 cents lower to $60.29 a barrel, following a loss of 31 cents Monday and extending a steep slide from their $70.85-a-barrel record-high in late August.
London Brent crude eased 24 cents to $58.00 a barrel.
With the Atlantic basin hurricane season winding down next month and Wilma having crashed ashore in Florida, dealers were looking ahead to Wednesday's US inventory figures to yield some insight on the state of consumption.
"There are a lot of shorts in the market and the big question is demand. The market will keep a close eye on the statistics, which will shed light on demand," said John Brady, oil broker at ABN AMRO in New York.
A survey conducted at the end of September found that increases in fuel prices and the prospect of higher energy bills have affected consumers' spending and their psyches, the New York-based NPD Group said.
In the survey, 69 per cent of the 41,400 consumers polled said they were driving less frequently and 42 per cent planned to curb the distance they drive.
That may lend more credence to previous US data showing oil product consumption down 3 per cent from last year, although many analysts remain wary of the figures and contend that demand has been undeterred by record-high prices.
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