Oil steady ahead of OPEC+ supply decision

MELBOURNE: Oil NSE -1.54 % prices were stable on Wednesday ahead of an OPEC+ meeting, at which major producers will decide whether to go ahead with their plan to add supply while COVID-19 cases soar in Asia and US refiners assess flood damage in the wake of Hurricane Ida.

The Organization of the Petroleum Exporting Countries (OPEC)), Russia and allies, together called OPEC+, are due to meet on Wednesday at 1500 GMT to decide whether to stick to a plan to add 400,000 barrels per day (bpd) each month through December.