LONDON (Reuters) - Oil rose above $47 a barrel on Tuesday after reports Saudi Arabia was largely maintaining its supply curbs to Asia and Europe and as analysts expected a drop in U.S. crude inventories.
The Organization of the Petroleum Exporting Countries meets in Vienna on March 15 to decide whether to cut production further to support oil prices that have fallen from a record high of almost $150 last year.
OPEC's largest producer, Saudi Arabia, notified customers of largely steady supplies for April from March, traders said on Tuesday, a day after a Saudi-owned newspaper said the world's top exporter wanted stricter compliance with existing curbs before considering more cuts.
U.S. crude rose 50 cents to $47.57 by 1210 GMT (8:10 a.m. EDT), having gained more than 3 percent on Monday. London Brent was up 85 cents at $44.98.
Industry group the API will release at 2030 GMT (4:30 p.m. EDT) its weekly U.S. stocks data, which analysts forecast would show a 400,000-barrel decline in crude stocks as inventories fall further.
Last week, crude stocks fell by an unexpected 700,000 barrels, the EIA reported. Analysts polled also expected an 800,000 barrel fall in gasoline inventories and a 200,000 barrel rise in distillates stocks.
The EIA will release its weekly data on Wednesday. more...
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