(Reuters) — Oil prices were largely steady on Thursday as traders waited to see whether oil-producing countries set to meet in Vienna would extend production limits that have helped reduce the global crude glut.

By 12:23 p.m. ET, global benchmark Brent crude had dipped five cents a bbl, or 0.09 per cent, to $56.24 a bbl. U.S. crude was down 14 cents, or 0.28 per cent, at $50.55 a bbl.

"We're a little rangebound and choppy, not too much of a direction," said Tariq Zahir, a trader with Tyche Capital Advisors in New York.

Ministers from the Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers meeting in Vienna on Friday, will discuss a possible extension of a deal to cut 1.8 million bbls  per day of supply to support prices and will consider monitoring exports to assess compliance.

While many analysts expect them to extend the deal that currently lasts until March, many also said prices at current levels could encourage some countries to boost production.