Oil markets moved into positive territory Tuesday on word members of the Organization of Petroleum Exporting Countries were weighing extraordinary measures.
In an interview published Monday by the Financial Times, Nigerian Oil Minister Diezani Alison-Madueke said most members of the Organization of Petroleum Exporting Countries are "very uncomfortable" with the market situation, adding an extraordinary meeting may take place if price volatility continues.
Though Nigeria's oil minister serves as the president of OPEC, it's unlikely de facto leader Saudi Arabia will follow the lead. A November decision from Saudi Arabia to keep output steady despite the decline in crude oil prices added durability to the bear market for crude oil.
When Saudi King Abdullah died in late January, successor King Salman bin Abdulaziz showed no indications he'd change the government's standing on crude oil policies. Riyadh had defended its position by saying it needed to ensure it was holding its position in the global oil market.
Giovanni Staunovo, an analyst at UBS Group in Switzerland, was quoted Tuesday by Bloomberg News as saying there was a "low probability" of an OPEC meeting given Riyadh's influence over the 12-member group.
Oil prices have moved toward recovery since the end of January. Fluid global economic momentum, coupled with increased production increases from the United States, has served as a governor on swift trends in either direction for crude oil prices.
OPEC in its February market report said slow demand in the Asia-Pacific was keeping the Nigerian crude oil benchmark, Qua Iboe, suppressed when weighed against Brent, the global benchmark.
Brent for April delivery was up about 1.8 percent early Tuesday to trade near $60 per barrel. West Texas Intermediate, the U.S. benchmark, was up about 1 percent to move within sight of the $50 per barrel mark.
