Oil prices held broadly 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
(OPEC) is set for another showdown between rivals Saudi Arabia and Iran
as it meets on Thursday in the Austrian capital, with Riyadh trying to
revive coordinated action or a formal oil output target, but Tehran
refusing to cooperate.
"An output ceiling has no benefit
to us," said Iranian Oil Minister Bijan Zanganeh as the country tries to
recoup lost market share following the lifting of sanctions against it
in January.
International Brent crude oil futures were trading at $49.78 per barrel, up 6 cents from their last settlement by 7:48 a.m. ET (1148 GMT). U.S. West Texas Intermediate (WTI) crude was down 4 cents at $48.97 a barrel.
(CNBC, June 2, 2016)