World oil prices nudged higher on Tuesday as OPEC producers met to discuss a possible freeze to crude output levels in a bid to tackle a supply glut.
Around 1300 GMT, US benchmark West Texas Intermediate for delivery in April was up one cent at $33.40 a barrel. Brent North Sea crude for April rose 18 cents to $34.87 compared with Monday’s close. US crude had rebounded above $30 a barrel and European benchmark Brent climbed well over $34 Monday on hopes that discussions among key producers would lead to concrete action to stabilise the battered market. “Yesterday’s increase could have come mainly from OPEC trying to rally the market into thinking that there will be action to come between OPEC and non-OPEC producers” over production, Phillip Futures analyst Daniel Ang said.