Oil prices remain high on uncertainty over production cut

Intern 12:15 - 23 November 2016

OPEC logo is pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria September 28, 2016. REUTERS/Ramzi Boudina/File Photo

International Brent sweet crude oil futures were at 49.22 dollars a barrel, up 10 cents.

Oil prices edge up on Wednesday with traders uncertain over a planned OPEC-led oil production cut, and volumes low ahead of the U.S. Thanksgiving holiday on Thursday.

U.S. West Texas Intermediate (WTI) crude oil futures were trading at 46.09 dollars, up six cents from their last settlement.

In the first oil trade , Brent crude was up 15 cents at 49.05 dollars a barrel, while U.S. crude added 2 cents to 48.05 dollars a barrel.

According to personal opinion, tonight’s (U.S.) EIA Crude Inventory numbers should provide a welcome, albeit temporary sideshow to the OPEC main event.

"Otherwise, we expect Asia to continue the sideways trading ranges,” it said.