Oil Stable on OPEC Possible Supply Cut

Oil was steady above $62 a barrel on Thursday, supported by the prospect that OPEC will cut supply for a second time in two months at a meeting next week.

The chance of another OPEC cut, an attack on Nigeria?s oil industry and tension over Iran?s nuclear work are providing a floor for prices that have held in a range almost continuously since late September.

US crude was down 5 cents to $62.14 per barrel.

London's Brent crude was down 4 cents at $63.03.

?Crude oil should benefit next week from an increased risk premium due to the OPEC meeting,? analysts Petromatrix said in a report. ?An OPEC cut is, however, starting to be priced in.? Putting a lid on prices is the knowledge that crude oil inventories in the United States, the world?s largest oil consumer, are at their highest for the time of year since 1993.