AFP, Singapore :
Oil prices edged higher in Asia Thursday but gains were capped as dealers expect Gulf members of the OPEC cartel to reject production cuts unless they are guaranteed market share, analysts said.
US benchmark West Texas Intermediate for December rose 12 cents to $74.70 while Brent crude for January was up 17 cents at $78.27 in afternoon trade.
“The market is keenly watching the outcome of the OPEC meeting next week,” said Sanjeev Gupta, head of the Asia-Pacific oil and gas practice at business consultancy EY.
Analysts say the stance of Gulf nations within the Organization of the Petroleum Exporting Countries (OPEC) will be crucial for a positive decision on reducing supplies to boost prices, which have fallen around 30 percent since June.
