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Oil prices pulled back after rising for much of the week on hopes of output cuts from the meeting of Opec and its partners on Thursday and Friday in Vienna.

Brent crude, the international benchmark, was down 0.5 per cent at $61.26 a barrel, while US marker West Texas Intermediate shed 0.6 per cent to $52.61.

The Opec meeting will set the future direction for oil prices with “all eyes” on the volume of the production cut, ANZ analysts said.

“Saudi Arabia’s energy minister said that the market should not assume there will be production cut. However, markets took this statement with a pinch of salt, and believe the production cut deal will be in range of 1-1.3 [million barrels of oil a day],” the bank’s analysts added.

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