Oil prices stabilize as market awaits output deal

Oil prices were steady on Wednesday as the market awaited a pact from producers on output and Britain became the first country to approve a coronavirus vaccine for use, powering hopes for a future recovery in oil demand.Prices were slammed by an unexpected build in oil inventories in the US and a s OPEC and its allies created uncertainty with a two-day delay to a formal meeting to decide whether to increase production in January.Brent crude oil futures were down 9 cents, or 0.2%, at $47.33 a barrel by 1012 GMT, while West Texas Intermediate crude dropped 11 cents, or 0.3%, at $44.44.Industry data from the American Petroleum Institute indicated US crude inventories increased by 4.1 million barrels last week, compared with analysts’ expectations in a Reuters poll for a draw of 2.4 million barrels.