LONDON, Feb 23: Oil prices held steady on Monday, rising above $42 in London, after Opec member Algeria hinted that the cartel could cut output next month. Brent North Sea crude for April delivery added 12 cents to $42.01 per barrel.

New York’s main futures contract, light sweet crude for delivery in April, eased 18 cents to $39.85 per barrel, after spending much of the day in positive territory.

“Crude prices were higher amid hopes of further supply cuts from Opec in March,” said Sucden Financial analyst Nimit Khamar.

Algeria’s minister for energy and mines said on Sunday that Opec would probably decide on more cutbacks in output in a bid to prevent further price drops, Algeria’s APS news agency reported.

“It is very likely that Opec will decide on March 15 to reduce production again to stabilise prices that are going down,” said Chakib Khelil, referring to the oil cartel’s next meeting in Vienna, according to APS.

The minister said OPEC’s decision to reduce production by 4.4 million barrels per day in September had prevented oil prices from plummeting even further.—AFP