Oil prices steady as market awaits clarity on OPEC+ output cuts - Reuters

Oil prices steady as market awaits clarity on OPEC+ output cuts - Reuters:

Oil prices were little changed in choppy trade on Thursday as investors awaited a decision from top crude producers on whether to extend record output cuts.

The Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, a group known as OPEC+, are debating when to hold ministerial talks to discuss a possible extension of the existing cuts.

Brent crude futures LCOc1 ended the session 20 cents, or 0.5% higher, at $39.99 a barrel after a volatile session. U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 12 cents to $37.41.

Saudi Arabia and Russia, two of the world’s biggest oil producers, want to extend cuts of 9.7 million barrels per day (bpd) that major producers agreed to in April. But a suggestion by OPEC president Algeria to meet on Thursday was delayed amid talks about poor compliance by some producers.