Oil steady as attention turns to potential supply hike | Reuters

Oil steady as attention turns to potential supply hike | Reuters:

"Oil prices steadied on Friday ahead of an OPEC meeting in Vienna next week as two of the world’s biggest producers, Saudi Arabia and Russia, indicated they were prepared to increase output.

Benchmark Brent crude oil LCOc1 was down 20 cents at $75.74 a barrel by 0750 GMT, after falling 80 cents on Thursday. U.S. light crude CLc1 was 10 cents lower at $66.79.

Both contracts hit 3-1/2 year highs in May, but have since drifted lower as U.S. crude production has risen and as the Organization of the Petroleum Exporting Countries (OPEC), Russia and other allies look poised to increase output in their meeting in the Austrian capital on June 22-23."



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