(Jun 2 Reuters) Oil prices held steady on Thursday, set for their third week of gains, ahead of an OPEC meeting that analysts said was not expected to result in restrictions on crude output.
The Organization of the Petroleum Exporting Countries is set for another showdown between rivals Saudi Arabia and Iran when it meets on Thursday in Vienna, with Riyadh trying to revive coordinated action or a formal oil output target, but Tehran refusing to cooperate.
Brent crude oil futures were last up 11 cents at $49.83 a barrel by 0902 GMT, while U.S. West Texas Intermediate (WTI) crude futures were up 12 cents at $49.13 a barrel.
Expectations around today's OPEC meeting are quite low, with some speculation about the potential for some form of quota or freeze, but the likelihood is that nothing will change, CMC dhief markets analyst Michael Hewson said.
Despite rising output by OPEC's Middle Eastern producers, the group's overall production has remained largely flat this year, currently standing at 32.5 million barrels per day (bpd), capped by disruptions especially in Nigeria, Libya and Venezuela.
Click on the link below to see the full story from Reuters: (by Amanda Cooper)