Oil steady, bolstered by lower supply concerns

LONDON, Apr 4 (Reuters): Oil prices were steady on Thursday, shored up by concerns about lower supply as major producers keep output cuts in place and geopolitical tensions add further risk.

Brent futures for June rose by 3 cents, or 0.03 per cent, to $89.38 a barrel at 1330 GMT. US West Texas Intermediate (WTI) futures for May fell by 3 cents, or 0.04 per cent, to $85.40 a barrel.

A meeting of top ministers from the Organization of Petroleum Exporting Countries and its allies (OPEC+) including Russia, kept oil supply policy unchanged on Wednesday and pressed some countries to boost compliance with output cuts.

The group said some members would compensate for oversupply in the first quarter. It also said Russia would switch to output rather than export curbs.

"As it stands, the market seems to accept the ill-discipline from Iraq and Russia as to quota adherence will eventually be sorted out, and instead concentrated on how current cuts will roll on through June," PVM analyst John Evans said.

Both the June Brent contract and the May WTI contract closed on Wednesday at their highest levels since October, having received support in recent days from heightened geopolitical tensions and potential supply risks.