London — Oil prices steadied on Thursday, holding most of their recent gains before a meeting of oil producers. It is thought that producers could extend production limits aimed at clearing a glut that has depressed the market for more than three years.Ministers from oil cartel Opec, Russia and other producers meet in Vienna on Friday and are due to consider extending output cuts that began in January.Opec and its allies have agreed to reduce output by about 1.8-million barrels per day until March 2018 in an attempt to empty inventories. Many analysts now expect them to extend the deal, possibly to the end of 2018."An extension of the agreement or an increase in the cuts may be announced," said Jeffrey Halley of futures brokerage Oanda.Brent crude oil was down five US cents at $56.24 a barrel by 8.20am GMT. US light crude was 15c lower at $50.54.Both contracts have risen more than 15% over the last three months as global oil supply has tightened.Opec’s efforts have been hampered by ...
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