US crude ticks down 14 cents, settling at $50.55, ahead of OPEC meeting on output cuts 2017-09-20
US crude ticks down
Oil prices were largely steady on Thursday ahead of a meeting of oil producers that could extend production limits aimed at clearing a glut that has depressed the market for more than three years.

Brent crude futures, the international benchmark for oil prices, were up 18 cents at $56.47 a barrel at 2:26 p.m. ET (1826 GMT). Brent posted its best closing price since March 1 on Wednesday.

U.S. West Texas Intermediate (WTI) crude futures ended Thursday's session down 14 cents at $50.55 per barrel. That marked the highest closing level in nearly four months, following the expiration of October's contract on Wednesday.

Oil prices have surged more than 15 percent over the last three months as global oil supply has tightened. That gain would make this the strongest third quarter for the market since 2004.

"The bull run in the oil market is running out of steam as unease builds ahead of tomorrow's OPEC/non-OPEC meeting," said Stephen Brennock, analyst at London brokerage PVM Oil Associates.

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