Oil prices were steady on Tuesday, with futures holding above $40 per barrel and approaching $43 ahead of a meeting of major producers to discuss freezing output levels to rein in ballooning oversupply.
U.S. crude futures were trading at $40.77 per barrel at 11:58 GMT, up 41 cents from their last settlement.
Brent futures were up 56 cents at $43.39 a barrel.
Major oil producers from the Middle East and Russia, but excluding the U.S., plan to meet in Qatar’s capital Doha next Sunday.
They will discuss measures to rein in ballooning oversupply which sees as many as 2 million barrels of crude produced every day in excess of demand.
Most analysts expect producers to freeze output around current levels, which being beyond consumption and close to record levels would do little to address the glut.
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