Crude futures have stabled after traders were hesitant to take on new positions before the oil producers’ meeting on Sunday in order to curb oversupply.
Brent crude futures LCOc1 traded at $43.83 a barrel with no change virtually from the last trading price while US West Texas Intermediate (WTI) futures CLc1 stood steady at $41.49, reported Reuters.
Leading oil exporters Saudi Arabia and Russia plan to meet in Doha on Qatar on Sunday to set out plans to freeze output at January levels.
Investment bank Jefferies was quoted by Reuters as stating: "Momentum is building behind an agreement that likely excludes Iran (and potentially Libya). While there will likely be little effect on the physical market, an agreement would represent an important psychological shift in setting oil prices."
Most analysts believe that the Doha meet may not reduce the excess supply .
Crude prices have been down by around 70% since 2014.
Barclays bank was quoted by the news agency as stating: "The Doha meeting does not materially change the oil market balances."