Oil stable as market awaits Fed, OPEC decisions

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Oil prices were broadly stable as the market is looking towards a meeting of OPEC and its allies as well as a Federal Reserve rate decision and U.S. government data on crude and fuel stockpiles on Wednesday.

Brent crude futures dipped 11 cents, or 0.1%, to $85.35 a barrel at 0949 GMT. West Texas Intermediate U.S. crude futures rose 8 cents, or 0.1%, to $78.95 a barrel.index , which supported oil prices as a weaker greenback makes the commodity cheaper for buyers holding other currencies, according to Stephen Brennock, analyst at PVM.

All eyes will be on a meeting of key ministers of the Organization of the Petroleum Exporting Countries and allies including Russia, known as OPEC+, where producers arein January, as Iraqi exports dropped and Nigeria's output did not recover, with the 10 OPEC members pumping 920,000 barrels per day below their targeted volumes under the OPEC+ agreement, a Reuters survey found.

 

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