NEW YORK (Reuters) - Oil prices dipped on Wednesday ahead of a meeting of the world's biggest exporters, who will discuss cutting output to help shore up prices and curb excess supply.
The Organisation of the Petroleum Exporting Countries, Russia and other producers will meet in Vienna this week to discuss a potential cut in production.
Brent crude <LCOc1> futures fell 52 cents to settle at $61.56 a barrel after earlier reaching a session high of $63.29 a barrel and a low of $60.80.
U.S. West Texas Intermediate (WTI) crude <CLc1> futures fell 36 cents to settle at $52.89 a barrel. The contract traded between $54.44 a barrel and $52.16 a barrel during the session.
Russian Energy Minister Alexander Novak told reporters he had a "good" meeting with his Saudi counterpart, Khalid al-Falih, on Wednesday and they planned more talks.
"All of us, including Russia, agreed there is a need for a reduction," Oman's Oil Minister Mohammed bin Hamad Al-Rumhy told reporters after a ministerial committee that groups Saudi Arabia, Russia and several other producers met on Wednesday.
Russia's No. 2 oil producer Lukoil <LKOH.MM> is ready to cut oil production if OPEC and other leading producers agree to do so, though it would be technically difficult in winter, RIA news agency quoted the company's head Vagit Alekperov as saying.
"Hopefully OPEC will be keeping oil flows as is, not restricted. The World does not want to see, or need, higher oil prices!" Trump wrote on Twitter on Wednesday.
"None of today's comments should have come as a surprise since the key unknown remains the size of any such reduction and how the cuts are distributed," Jim Ritterbusch, president of Ritterbusch and Associates, said in a note.
"The Trump administration appears to be maintaining pressure on the Saudis to limit any production cuts in precluding significant price advances from current levels. And the fact that Russia still appears somewhat non-committal would appear to tilt odds in favour of about a 1.0-1.1 million barrels per day reduction."