Oil held steady on Tuesday, waiting for clues on the outcome of next week's OPEC meeting, but drawing some support from cold weather in Europe that has helped drive oil product prices to record highs.
Light, sweet crude for April delivery dropped 38 cents to US$98.85 a barrel in Asian electronic trading on the New York Mercantile Exchange by midafternoon in Singapore.
The contract gained 42 cents to settle at US$99.23 a barrel Monday.
The market is trying to gauge what the Organization of the Petroleum Exporting Countries might do when it reviews oil output at its meeting in Vienna on March 5.
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Oil Prices Stable Waiting for OPEC Meeting
Oil held steady on Tuesday, waiting for clues on the outcome of next week's OPEC meeting
