By Henning Gloystein
SINGAPORE, Aug 10 (Reuters) - Oil prices were stable early on Wednesday, with a global supply overhang weighing on markets while talk of a potential producer meeting to discuss propping up prices lent crude some support despite being met with scepticism by analysts.
U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were trading at $42.73 per barrel at 0031 GMT, down 4 cents from their last settlement, up 3 cents from their last close.
International Brent crude futures LCOc1 were at $45.01 per barrel, up 2 cents.
Traders said that markets were being weighed down by an ongoing supply overhang in crude and refined fuel products, and that a suggested meeting by oil producers was unlikely to result in a significant market tightening.
"Oil eased lower as another round of proposed production freeze talks by OPEC failed to excite investors. An upgrade in U.S. oil production forecasts by EIA also weighed on sentiment. EIA is now expecting U.S. output to reach 8.31 million barrels per day in 2017, up from its forecast of 8.2 million barrels per day in July," ANZ Bank said on Wednesday.
Venezuela, a member of the Organization of the Petroleum Exporting Countries (OPEC), is trying to drum up support for a producer meeting to decide measures that would buoy oil prices.
"We are actively promoting a meeting of producers, which we estimate could take place in the coming weeks, so that OPEC and non-OPEC countries can sit down to see what the scenario for the winter looks like," its oil minister Eulogio del Pino said this week. last time producers met to discuss measure to tighten oil supplies and prop up prices, in April, OPEC members were not able to agree on any measures.