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Oil firm as major producers meet

Investing.com - Oil Monday was steady ahead of the outcome of a meeting of major producers on the current market situation. U.S. crude was up 20 cents, or 0.44%, at $45.97 at 08:00 ET. Brent added 29 cents, or 0.60%, to $48.35.Nigeria and Libya output is expected to be on the agenda at the Saint Petersburg meeting Monday of OPEC and non-OPEC producers.Nigeria and Libya, which have been exempt from an output curb accord, have been increasing production. OPEC and non-OPEC producers have agreed to cut output by 1.8 million barrels a day through to March.OPEC secretary general Mohammad Barkindo said Sunday the market has been re-balancing at a slower pace than expected but said the process should pick up in the second half of this year.Increased U.S. production has weighed on the impact of the output curbs.Baker Hughes reported Friday a fall of one in the U.S. rig count in the latest week to 764.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.