Wednesday, 01 August 2012 16:52
LONDON: Global oil prices edged higher on Wednesday in cautious deals as traders awaited the latest interest rate decision and weekly energy inventories data from key crude consumer the United States.
Brent North Sea crude for delivery in September added 57 cents to $105.49 a barrel in London midday deals.
New York's main contract, light sweet crude for September, gained 17 cents to $88.23 a barrel.
Crude futures had fallen on Tuesday and in earlier Asian trade on Wednesday, as fading hopes for additional stimulus measures from the US Federal Reserve and European Central Bank (ECB) led prices down, analysts said.
However, the market clawed its way back into positive territory in cautious London trading.
"All eyes are focused on the US Federal Reserve, although expectations for a decisive move to stimulate the economy appear to be waning," said analysts at the Vienna-based JBC Energy consultancy in a research note to clients.
Traders were waiting to ...