London: Oil prices were steady on Monday helped by reports that OPEC and Russia were closer to a deal on extending oil cuts but held back by renewed tension between the United States and China. Benchmark Brent crude was up 10 cents, or 0.3 per cent, at $37.94 a barrel at 0854 GMT. US crude had dipped 10 cents, or 0.3 per cent, at $35.39 a barrel.

The Organization of the Petroleum Exporting Countries and Russia, part of a group known as OPEC+, are moving closer to a compromise on the duration for extending oil output cuts and were discussing rolling over the curbs one to two months, according to two OPEC+ sources…