Oil eases but stays near $70 on demand optimism

SINGAPORE: Brent crude prices eased on Friday but hovered near $70 a barrel as production cuts by major oil producers constrained supply, with optimism about a recovery in demand for the resource in the second half of the year also lending support.
Brent crude futures for May slipped 33 cents, or 0.5 percent, to $69.30 a barrel in early trade while US West Texas Intermediate crude for April was at $65.65 a barrel, down 37 cents, or 0.6 percent.