Oil prices steadied on Friday after a five percent surge on Thursday as OPEC producers signalled their readiness to support prices by cutting supply. U.S. crude futures rose 14 cents to $45.70 a barrel while London Brent crude was up 40 cents at $43.25 a barrel. "Three factors tip the month towards the bullish side," said Edward Meir of Man Energy. "Look for an eventual turn in the weather in the U.S. Northeast towards the colder side after a stretch of relatively mild weather, an uncertain election outcome in Iraq on January 30 and the possibility of yet another cut from OPEC." A near 20 percent drop in oil prices since late October's record highs has alarmed OPEC members, who fear that rising energy inventories could further lower prices if the northern winter continues to be mild. Iranian Oil Minister Bijan Zanganeh said on Friday OPEC should take action at its Jan. 30 meeting if oil fell under $40 a barrel, effectively setting a higher threshold for output cuts by producing countries. --More 2107 Local Time 1807 GMT
