Oil prices steady as OPEC and allies seek consensus on output

Oil prices were broadly steady on Tuesday as investors awaited direction from OPEC and its allies after the producers postponed a formal meeting to decide whether to lift output from January.

Brent crude was down 1 cent at $47.87 a barrel by 1115 GMT and West Texas Intermediate was down 9 cents at $45.25.

Both contracts have surged around 27% in November, pushed up by hopes that COVID-19 vaccines would boost the global economy and fuel demand, and aided by expectations that oil producers would keep a tight rein on output amid a new wave of the virus.