Oil stabilized above $30 a barrel on Tuesday, lifted by hopes that OPEC and non-OPEC producers may be edging closer to a deal to tackle one of the biggest supply gluts in decades.
The Organization of the Petroleum Exporting Countries is making renewed calls for rival producers to cut supply alongside its members, but Russia, seen as key to any deal, has so far refused to cooperate.
Iraq’s oil minister said on Tuesday he saw some flexibility for a deal between OPEC and non-OPEC.
But an oil official in Kuwait downplayed the prospect of an emergency OPEC meeting and predicted 2016 would be tough with prices remaining low — underlining the slim chance of any deal among exporters to tackle excess supply.
Brent crude rose 28 cents to $30.78 a barrel by 8:55 a.m. ET (1355 GMT). It reached $27.10, its lowest since November 2003, on Jan. 20.