Oil eased below $63 a barrel today as investors considered plans by Opec members Nigeria and Venezuela to trim their output.
Nigeria said last week it would cut exports by 5 per cent from this week, and Venezuela plans to reduce its output by 50,000 barrels per day in a bid to stem a price slide from a record high of $78.40 in July.
US crude was down 41 cents at $62.50 a barrel at mid-day. London Brent slipped 38 cents to $62.10.
Oil in New York has picked up from a fall to a six-month low below $60 early last week, even though other Opec members, including top world exporter Saudi Arabia, have not announced any move to trim supply.
Some traders said the planned cutbacks by Nigeria and Venezuela would have little impact on prices unless larger producers in the Opec also said they would join the move.