Oil steadies after price jump; investors wait on Opec meetings

TOKYO: Oil prices edged lower in muted trading on Thursday ahead of the start of Opec meetings later in the day, steadying after the previous session’s steep gains on a sharp drop in US crude inventories and expectations of more output cuts.

Brent crude futures dipped 10 cents, or 0.2 per cent, to $62.90 a barrel by 0112 GMT. Brent surged 3.6 per cent on Wednesday.

West Texas Intermediate (WTI) crude futures fell 22 cents, or 0.4 per cent, to $58.21 a barrel. They settled up 4.2 per cent on Wednesday.