Oil prices stabilize

FXStreet (Mumbai) - Oil prices at both sides of the Atlantic appear to have stabilized in the early European session after having recovered from the early weakness on concerns OPEC would not cut output at its meeting this week.

Front month Brent crude futures recovered from the low of USD 64.71/barrel to trade at USD 64.85/barrel. Meanwhile, WTI Crude futures trade at USD 60.31/barrel.

Prices were supported as Saudi oil minister Ali al-Naimi said overnight that demand would pick up and tighten the market in the second half of the year. Analysts said that refinery demand was also supporting prices.

The Organisation of the Petroleum Exporting Countries (OPEC) meets this Friday in Vienna to discuss its production strategy.