Crude Oil Trading Steady

Oil prices were steady in Asian trade on Monday and is traded at $37.58 a barrel.Crude oil jumped 10 percent on Friday which was mainly due to renewed optimism about the US economic stimulus package.Friday move was mainly fueled by short covering ahead of expiry.Oversupply and weak demand continue to be the two major factors determining oil prices.U.S. crude for March delivery rose $3.53 to settle at $37.51 a barrel.Volatility is likely to increase as the expiration date for the March crude contract approaches and rolls over to April.NYMEX will be closed on Monday for the U.S. President's Day holiday and will reopen on Tuesday.