Oil steadied at a seven-day high of just under $63 a barrel today following the previous day's $2 leap as traders awaited clearer signs from Opec on whether it would cut output to counter swelling US stocks.
US crude shed two cents to $62.94 a barrel earlier this morning after having bounced back from a brief slump to yesterday's $60.10 low on a large build in fuel stocks in the United States.
London Brent gained seven cents to $62.28 a barrel.
Prices briefly dipped below the $60 mark on Monday, drawing a mixed response from members of Opec, which pumps more than a third of the world's oil.
Edmund Daukoru, Opec's president, said on Tuesday "something needs to be done to steady the price."
But Kuwaiti Oil Minister Sheikh Ali al-Jarrah al-Sabah said yesterday, that with US crude above $61, most Opec ministers were content with prices and not inclined now to reduce output.
