Oil ticks higher ahead of unofficial OPEC meeting

Oil benchmarks inched up in Asia with investors waiting for for unofficial talks between OPEC members and non-OPEC producers on oil output freeze and ways to rebalance oil markets.

At the time of writing, Brent oil was trading 18 cents or 0.34% higher at $52.60/barrel. WTI Oil was trading largely unchanged on the day around $50.88/barrel.

The Inernational Energy Agency (IEA) report released yesterday did state that oil market rebalancing could happen sooner than expected if major producers freeze output, but warned the mammoth global debt could derail the rebalancing process.

OPEC is scheduled to hold talks with non-member oil producers on Wednesday.