Oil prices held steady on Tuesday amid growing expectations of deeper output cuts when OPEC and its allies meet this week.
Benchmark Brent crude edged up 0.1 percent to $60.98 a barrel, while U.S. West Texas Intermediate crude futures were up 0.2 percent at $56.08 a barrel.
There were reports that Saudi Arabia wants OPEC to deepen oil production cuts in order to anchor oil prices before Saudi Aramco’s initial public offering.
The deal reportedly to be discussed by OPEC and other oil producers at a meeting this week would add about 400,000 barrels per day to existing cuts of 1.2 million barrels per day.
That said, it remains unclear if there is consensus within the group to achieve a deeper cut.
Russian Energy Minister Alexander Novak said today he expected this week’s meeting to be constructive but added Moscow had yet to finalize its position in talks on possible additional supply curbs.
OPEC ministers will meet in Vienna on Thursday while the wider OPEC+ group will gather on Friday.
Investors also grappled with prospects of fresh global trade disputes after the Trump administration announced plans to reinstate tariffs on metal imports from Brazil and Argentina and proposed retaliatory tariffs against France for its new digital services tax.
Meanwhile, China will soon release its so-called “unreliable entity list,” imposing sanctions against those who harm China’s interests, the business news arm of the country’s nationalist tabloid Global Times said in a tweet early Tuesday morning.