Oil steadies near $80 a barrel as China announces stimulus

News Snapshot:

Oil steadied on Wednesday, with Brent trading near $80 a barrel, as a Chinese economic stimulus package and geopolitical tensions were offset by concerns over tepid demand and a stronger dollar. The front-month March contract for Brent crude fell 4 cents to $79.51 a barrel at 1109 GMT. U.S. West Texas Intermediate crude ticked up 4 cents to $74.41 a barrel. China’s central bank will cut the amount of cash that banks must hold as reserves from Feb. 5, governor Pan Gongsheng said on Wednesday, the first such cut for the year as policy-makers extend efforts to shore up a...