Oil steadies ahead of OPEC meeting

Oil steadies ahead of OPEC meeting

Oil prices steadied, but still faced pressure from evidence of rising U.S. output and uncertainty over the outlook for supply before a meeting next week of the world's largest exporters.

Benchmark Brent crude oil was up 10 cents at $76.84 a barrel by 1320 GMT, while U.S. light crude was 45 cents higher at $67.09, Reuters reported.

Brent hit a high of $80 a barrel in May but has since drifted lower, indicating investors expect the market to become better supplied in the next few months as U.S. crude production rises and as key Middle East exporters and Russia pump more.

OPEC and other big producers meet on June 22-23 in Vienna to discuss production and are widely expected to agree to higher output.

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