Oil prices hold tight as investors look ahead to OPEC meeting

U.S. oil prices and the international benchmark Brent moved in opposite directions in early Asian trade Tuesday as investors focus on the resumption of Canada oil production and ongoing supply disruptions in Africa ahead of the Organization of the Petroleum Exporting Countries meeting Thursday.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in July CLN6, +0.67%  traded at $49.60 a barrel, up $0.27 in the Globex electronic session. July Brent crude LCON6, -0.12%  on London’s ICE Futures exchange fell $0.06 to $49.70 a barrel.

The major event for this week is the OPEC biannual meeting on June 2 in Vienna, which is unlikely to yield any formal consensus on curtailing production, analysts said.

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