Investing.com - U.S. oil futures were little changed on Wednesday, hovering close to a recent four-month peak, as investors eyed a fresh round of talks between OPEC producers and other oil exporters to stabilize the global oil market.
U.S. crude futures for November delivery were steady at $50.80 a barrel, close to Monday’s four-month high of $51.60 a barrel.
On the ICE Futures Exchange in London, the December Brent contract edged up 0.15% to $52.48 a barrel, not far from Monday’s one-year peak of $53.73.
OPEC was set to hold talks with non-member oil producers on Wednesday to try to discuss the details of an agreement to cap production for at least six months as Russia lent its support for the plan.
Russian President Vladimir Putin said on Monday that his country was prepared to join an oil-output deal which may include a production freeze or cut.
However, analysts still cautioned that a deal might fall through especially as Russia's participation remained uncertain.
Meanwhile, market participants were waiting for the minutes of the Federal Reserve’s September policy meeting for hints on the central bank’s future policy moves.
Demand for the U.S. dollar still remained supported, as the odds for a December rate hike passed the 70% threshold on Tuesday.
Oil prices typically weaken when the U.S. currency strengthens as the dollar-priced commodity becomes more expensive for holders of other currencies.