Oil steadies as China takes steps to revive ailing economy

​Oil steadied as China signaled further economic aid for its ailing property sector, bolstering the outlook for fuel demand in the world's top crude importer.

West Texas Intermediate futures held near US$73 a barrel, as Beijing pressured banks to ease terms for property companies and key state-run newspapers indicated that additional support measures may be on the way. 

China's sluggish economic rebound from the COVID pandemic has posed headwinds for crude prices this year, along with monetary tightening by central banks and resilient crude flows from producers including Russia and Iran.