USD 65.6046

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12

Oil Prices Keep Stable

Oil prices were steady near $61 a barrel on Wednesday after hitting a two-week low

Oil prices were steady near $61 a barrel on Wednesday after hitting a two-week low amid disagreement among OPEC members over whether to cut output.

Trade is likely to be muted ahead of two key sets of data on Wednesday. The International Energy Agency (IEA) will release its monthly report on global stockpiles and oil demand, followed later by U.S. government data, which is expected to show a fall in weekly crude stocks and a small drop in supplies of distillates.

U.S. light, sweet crude rose 2 cents to $61.04 a barrel by 0632 GMT, halting a three-day slide that took prices as low as $60.65 on Tuesday, the lowest since November 28, amid mild winter weather in the Northeast and disagreement within OPEC.

London Brent crude futures dipped 14 cents to $61.38.

Despite initial indications that some in OPEC favored a second output cut at their meeting on Thursday, a delegate said on Tuesday that the core Gulf members preferred to see the group focus on meeting its previous 1.2 million barrel per day (bpd) reduction before making any new commitments.

"No cut, compliance -- this is the view up until now from the Gulf members," the delegate told Reuters.