Brent crude prices moved back above US$110 ahead of tomorrow’s OPEC meeting.
The level of oil output from key OPEC nations, namely Libya and Iraq, has been notable factors in the oil market in the recent weeks and months.
Meanwhile, economic stats from China and the USA point to growth in activity, which in turn means greater demand for fuel.
As such tomorrow’s meeting in Vienna will be watch closely by the broader oil market.
UBS analyst Jon Rigby isn’t expecting to OPEC to spring any surprises, as he points out recent comments from Saudi Arabia's oil minister, Ali Naimi, who said “"supply is highly sufficient, demand is great and the market is fairly stable" and "there is no reason for a change. Absolutely no reason."
In a note today, Rigby himself said: “Crude prices have been trading in a narrow range between $105/Bbl - $110/Bbl which is the comfort zone for most of the OPEC producers and warrants no real action.”
In London trading, Brent Crude futures edged up just over 10 cents to US$110.10, whilst West Texas Intermediary futures gained about 30 cents to US$104.75.