Oil pares losses on eve of Opec Vienna talks

Oil traded near $49 a barrel in New York, yesterday, as Opec ministers arrived in Vienna for talks after prices rebounded from 12-year lows.

West Texas Intermediate fluctuated after rising 6.9% in May as supply was curbed by fires in Canada and militant attacks in Nigeria.

Crude pared losses amid conciliatory noises from Saudi Arabia, including the possibility of a reintroduction of an overall production target for the Opec members.