The price of Brent crude oil steadied around $80 a barrel today ahead of OPEC’s production policy meeting this week.
Reuters reported that Brent traded at $80.25 a barrel, while US crude declined 10 cents to settle at $76.41 a barrel.
The value of oil has decreased 30% since June, with Brent and US crude declining from above $115 and $107 respectively.
Ahead of the organisation’s meeting in Vienna on 27 November, OPEC members Libya, Iran and Venezuela have asked fellow countries to support oil prices via production cuts, while Kuwait has said a reduction is unlikely.
Petromatrix oil analyst Olivier Jakob was quoted by the news agency saying Saudi Arabia could be influenced by the result of discussions about Iran’s nuclear programme by world powers, which conclude today in Vienna.
A cut in Chinese interest rates has also supported prices, increasing expectations that demand could be stimulated in the country.