Oil prices edge higher in subdued Thanksgiving trade

24th November 2011, Comments 0 comments

World oil prices drifted higher on Thursday in low trading volumes amid the Thanksgiving holiday in the United States, analysts said.

Approaching midday in London, Brent North Sea crude for delivery in January increased by 77 cents to $107.79 a barrel.

New York's main contract, light sweet crude for January, added 60 cents to $96.77.

"We still see some consolidation here with the market pausing as most players in the United States are absent on the long holiday weekend for Thanksgiving celebrations," said VTB Capital analyst Andrey Kryuchenkov.

The market also won support from the weekly US inventory report, which showed a larger-than-expected fall in crude oil reserves last week.

"The US inventories report shows declining crude oil stocks and that has supported oil," added Victor Shum, senior principal of Purvin and Gertz energy consultants in Singapore.

The US Department of Energy said on Wednesday that American crude reserves recoiled by 6.2 million barrels in the week ending November 18, indicating strengthening demand.


© 2011 AFP

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