Oil steadies

Singapore

Oil prices held steady on Thursday, hanging on to gains made the previous session when falling U.S. crude inventories lifted the market, as analysts offered mixed supply outlooks for the commodity ahead of a key OPEC meeting next week.

Crude oil prices are still capped below the $50-per-barrel mark on concerns about high production from the Organization of the Petroleum Exporting Countries (OPEC) despite its pledge to cut output along with some other producers.

Brent crude futures, the international benchmark for oil prices, were at $49.68 per barrel at 0650 GMT, just 2 cents down from their last settlement.

U.S. West Texas Intermediate (WTI) crude futures were at $47.09 per barrel, 3 cents below their last close.

Prices for both crudes jumped more than 1.5 percent in the previous session on a report showing U.S. crude and fuel stocks fell last week.