Oil was steady in Asia after jumping the most in three weeks on optimism over the demand outlook and amid a broad market rally.

Futures in New York traded near US$54 ($71.87) a barrel after rising 2.6% on Feb 1. Saudi Aramco said it sees oil demand returning to pre-virus levels later this year. Royal Dutch Shell Plc, meanwhile, raided the North Sea physical market, buying the most cargoes of benchmark grades in a single day in 10 years in the S&P Global Platts pricing window.

Crude was swept along on Monday with US shares, which rallied the most in about 10 weeks as concerns eased that the recent onslaught of speculative buying will derail the bull market in equities.

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