Oil rises ahead of Opec meeting

Oil prices edged up after closing lower yesterday as some players remained nervous about the possibility of further Opec output…

Oil prices edged up after closing lower yesterday as some players remained nervous about the possibility of further Opec output cuts later this week.

But falls were limited by further forecasts for above-average temperatures in the United States and expectations tomorrow's US inventory data will show a counter-seasonal build in distillates, which include the key heating oil fuel.

Earlier this morning in London, front-month Brent North Sea crude contracts for January delivery were up 24 cents at $62.08 a barrel, after settling down 36 cents at $61.84 yesterday.

Front-month New York light sweet crude contracts for January delivery were up 16 cents at $61.41 a barrel, after closing down 81 cents at $61.22 yesterday.