Oil prices have steadied after touching three-month lows during a week-long selloff fuelled by a persistent global supply glut, bringing the monthly decline to nearly 15 per cent, the biggest monthly loss in a year for US crude.

Oil prices have steadied after touching three-month lows during a week-long selloff fuelled by a persistent global supply glut, bringing the monthly decline to nearly 15 per cent, the biggest monthly loss in a year for US crude.