By REUTERS
February 15, 2016
Oil prices were steady on Monday, holding last week’s gains on speculation that the Organization of the Petroleum Exporting Countries might agree to cut production to reduce a supply glut that has pushed prices to the lowest in over a decade. Nigeria’s oil minister said there was a growing consensus within that a decision must be reached on how to prop up prices. Russia, which is not an OPEC member, said Monday it was in talks on coordinated output cuts with individual OPEC members, mainly Venezuela. However, many analysts, including the International Energy Agency, are skeptical that OPEC will cut a deal with other producers. Brent crude, the global benchmark, gained 5 cents to $34.04 a barrel. United States crude oil futures rose 29 cents to $29.73.