Oil prices steadied on Tuesday, supported by expectations that crude exporters would agree to cut output at an OPEC meeting next week, but weighed down by signs of increased global production.
Traders also said any upside was being capped ahead of a meeting of leaders of the Group of 20 nations (G20), the world’s biggest economies, on Nov. 30 and Dec. 1, with the trade war between Washington and Beijing top of the agenda.
With the top three crude producers – Russia, the United States and Saudi Arabia – all present, oil policy is expected to be discussed.
Brent crude LCOc1 futures rose 21 cents to $60.69 a barrel by 11:21 a.m. EST (1621 GMT). U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 10 cents to $51.73 a barrel.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.