SINGAPORE (Reuters) - Oil held above $47 a barrel on Tuesday, as dealers mulled the possibility of deeper OPEC output cuts at a meeting this weekend and ahead of weekly U.S. stocks data expected to show another fall in crude inventories.
OPEC's largest member, Saudi Arabia, notified Asian customers of largely steady cuts in supplies for April from March, traders said on Tuesday, a day after a Saudi-owned newspaper reported that the world's top exporter wanted stricter compliance with existing curbs before considering more cuts.
U.S. light crude for April delivery rose 25 cents a barrel to $47.32 by 10:28 p.m. EDT, having gained more than 3 percent on Monday on OPEC hints of further cuts and after a naval incident between the United States and China.
London Brent crude gained 31 cents to $44.44.
"A lot of people were expecting Saudi Arabia to deepen the cuts ahead of the meeting. It looks like demand is going to fall further and OPEC will have to cut again," said Tony Nunan, risk management manager at Tokyo-based Mitsubishi Corp.
Saudi Arabia planned to lower supplies to at least one European oil company in April, a trading source said on Monday. more...
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