Oil prices were broadly stable on Thursday as Brent erased losses in early European trading ahead of a meeting of OPEC members and their allies against the backdrop of demand concerns over new coronavirus cases in China and elsewhere.
Brent crude futures were up 2 cents at $40.73 a barrel at 0725 GMT. US West Texas Intermediate (WTI) crude futures dropped 14 cents to $37.82 a barrel.
Both benchmarks were down about 2 per cent earlier in the session.
OPEC+ compliance with crude production cut commitments in May was 87 per cent, two OPEC+ sources said on Wednesday.
Iraq and Kazakhstan are expected to present their plans for production cuts and compensation for overproduction to a meeting of the OPEC+ ministerial committee, known as the JMMC, on Thursday, one OPEC+ source said.
OPEC warned in a monthly report the market would remain in surplus in the second half of 2020 even as demand improves, as it now expects supply from outside the group to be about 300,000 barrels per day higher than earlier thought.