Crude price halts losses on OPEC meeting

Near month Brent crude futures have declined to USD 64.78 per barrel by 02:27 GMT on Tuesday while US crude was down at USD 60.15 a barrel.

Crude oil dipped on Tuesday on expectations that OPEC  (Organization of the Petroleum Exporting Countries) would not cut output at its meeting this week, but firm refinery demand curbed price losses.

Investors seems to be cautious on the OPEC meeting this Friday with Brent coming under the most selling pressure as the recent declines were expanded 1% drop from the previous session.

High production by the OPEC but also from US shale producers and Russia has contributed to oversupply and left tankers filled with millions of barrels of oil without buyers.

Saudi oil minister confirms recovery: Ali Al-Naimi the Saudi oil minister clarifies that demand would pick up and tighten the market in the second half of the year. Naimi was the key architect of OPEC's decision at its last meeting in November 2014 not to cut crude production despite a growing global glut, exacerbated by a boom in US shale oil, triggering sharp oil price falls.

The probable declines in crude also depends on the dollar remaining near one month highs against a basket of currencies as expectations of an interest rate hike from the Federal Reserve this year remain high, while the euro is under pressure from Greece's financial crisis and soft euro zone data.