* End of summer driving season pulls down U.S. demand
* Brent premium over WTO back over $3.50 a barrel
* Mexico says it can't cut output
By Henning Gloystein
SINGAPORE, Sept 9 (Reuters) - Crude oil prices remained
steady but at low levels in early Asian trading on Wednesday as
concerns remained that high global production was being met by
increasingly slowing demand.
Oil prices have fallen almost 60 percent since June 2014 on
a global supply glut, with prices seesawing in recent weeks as
concerns about a slowing Chinese economy caused turmoil in
global stock markets, while production remained near record
highs.
The Brent global crude benchmark LCOc1 was trading at
$49.52 per barrel at 0110 GMT, flat with its last settlement
after having risen 4 percent the previous session on the back of
an equity rally. U.S. West Texas Intermediate crude CLc1 ,
however, was slightly lower again, shedding 2 cents to $45.92 a
barrel and continuing Tuesday's slide.
The diverging Brent/WTI moves of the past days have pulled
the Brent premium away from January lows, and is now back over
$3.50 per barrel.
"WTI prices lagged as the end of the U.S. summer driving
season signals lower demand," ANZ said on Wednesday.
Overall, the bank said that "commodity price volatility
remains high with markets trying to establish a new base against
the headwind of weaker seasonal demand."
On the supply side, recent speculation that some producers
were willing to cooperate in cutting output in support of prices
was dealt a blow by Russia and Mexico this week, who both said
they would not cut.
The Organization of the Petroleum Exporting Countries (OPEC)
is producing close to record volumes to squeeze out competition,
especially from U.S. shale producers, which have so far
weathered the price plunges to keep pumping oil.
(Editing by Richard Pullin)