World oil traded steady in Asia today with traders increasingly convinced of OPEC's commitment to production cuts in the face of weak demand for crude, analysts said.
New York's main futures contract, light sweet crude for delivery in March, rose 14 cents to $45.87 a barrel.
Brent North Sea crude for March delivery shed two cents to $46.94 a barrel.
"It looks like oil prices have stabilised. People are starting to realise that OPEC are serious about production cuts," said Tony Nunan of Mitsubishi Corp's international petroleum business in Tokyo.
The Organisation of the Petroleum Exporting Countries (OPEC) cartel decided in December to cut production by a further 2.2 million barrels a day in a bid to halt a slide in prices and protect its members' revenues.
A deepening global economic slowdown has slashed energy demand and pulled prices far below record highs above $147 a barrel reached last July.
"Previously, the market was sceptical whether OPEC had the collective discipline to make good the commitments agreed late last year," said British-based energy consultancy John Hall Associates.
"Producers are keen to achieve what they consider to be some sort of balance in the market."
Nunan noted that prices remained weak because of an absence of demand.
"Oil demand is falling quicker than OPEC can cut oil production," he said.
