Oil prices steadied ending the day largely unchanged as a ceasefire in the middle east remained elusive. Earlier in the day some news organizations reported a ceasefire agreement had been reach which sent prices lower. Ultimately this was disputed and prices traded higher later in the session. “(A possible agreement) took some air out of the oil market,” said Andrew Lipow, president of Lipow Oil Associates. “Any ceasefire agreement would lessen the tension in the Middle East. In China, the world’s largest crude importer, services activity remained in expansionary territory for the 16th straight month, while growth in new orders accelerated and business sentiment rose solidly, boosting hopes of a sustained economic recovery. WTI traded up $.37 or .5% to close at $78.48. Brent traded up $.37 or .5% to close at $83.33.