Oil Prices Stabilize Before The Resumption of OPEC+ Meeting on February Production Levels

Oil prices were almost unchanged on Tuesday ahead of stalled talks between major producers over potential changes to February production that are due to resume later in the day as concerns over fuel demand persist in light of new lockdown measures to combat COVID-19.

Brent crude futures for March delivery fell six cents, or the equivalent, to $ 51 a barrel, during the session, while US West Texas Intermediate crude for February delivery reached more than $47 a barrel, up by a cent.

The two benchmarks fell more than 1% on Monday after the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, failed to agree on adjustments to oil production in February.

Saudi Arabia opposes pumping more crude due to the new isolation measures, while Russia leads calls to increase production, indicating a recovery in demand.