Brent crude oil (BNO, quote) was steady above $78 on Thursday as markets prepared for a busy day of economic releases. The commodity traded at $78.06 at 7:45 GMT as investors kept their focus on OPEC’s upcoming meeting and whether or not the cartel would cut output.

With OPEC’s annual meeting coming up next week, investors have been speculating about whether or not division within the group will keep it from making a unified decision about output. Recent comments from Saudi Arabian officials indicate that the nation may not agree to cut supplies, as the nation has said it would prefer to leave crude prices up to the market.

However on Thursday, CNBC reported that Libya’s OPEC governor Samir Kamal said that the group would cut OPEC’s production target next week. If Kamal’s remarks are accurate, OPEC could cut its output by between 250,000 and 600,000 barrels per day.

Most analysts don't see crude prices moving on anything other than an OPEC supply cut, though economic data due out on Thursday could have a minimal effect on prices. The United States is set to release several key data points, including consumer prices, and Europe will post PMI figures later in the day.

On Wednesday, the Federal Reserve released the transcript of its October meeting, which showed that the bank’s members are still concerned about the stability of then nation’s inflation. While there were few clues about when the bank is planning to raise interest rates within the report, markets will be keeping a close eye on U.S. economic data for any indication that the bank is ready to implement a rate hike.

Content courtesy of Benzinga written by Laura Brodbeck, Benzinga Staff Writer