The price of Brent crude steadied around $60 a barrel on Tuesday amid expectations of strong US economic data.

Reuters reported that Brent for February increased 15 cents to $60.26, while US light crude increased more than a dollar to $56.85 a barrel.

"Saudi Arabia Oil Minister Ali al-Naimi has argued it is not in OPEC’s interest to reduce oil production, no matter how far prices may decline."

Figures from the US Commerce Department are expected to reveal a buoyant economy with third-quarter growth probably revised up to 4.3% from 3.9%.

OPEC said it will not cut production as some of its members believe they will lose market share if output is reduced.

Saudi Arabia Oil Minister Ali al-Naimi has argued it is not in OPEC’s interest to reduce oil production, no matter how far prices may decline.

Naimi was quoted by the Middle East Economic Survey as saying: "Whether it goes down to $20, $40, $50, $60, it is irrelevant."

OPEC delegates told Reuters this week that Arab OPEC producers expect oil to rebound to between $70 and $80 by the end of next year as a global economic recovery revives demand.

Bank of America Merrill Lynch expects Brent to drop below $60 per barrel in the next six months and West Texas Intermediate (WTI) to decline to $50.