AFP, Singapore :
Oil prices edged up in Asia on Monday, recovering slightly from last week’s decline but analysts say traders will likely hold off making any big moves ahead of next month’s meeting of key producers.
Hopes for an agreement between Russia, Saudi Arabia and other crude giants to at least freeze output sent both main contracts racing above $40 earlier this month, helped by a dive in the strength of the dollar.
However, some of those gains were chipped away last week as talk of a possible US interest rate hike lifted the dollar-making oil more expensive-and a report showed another jump in US crude stockpiles.
At around 0355 GMT, US benchmark West Texas Intermediate rose 31 cents, or 0.79 percent, to $39.77. Brent was up 28 cents, or 0.69 percent, at $40.72.
Oil prices edged up in Asia on Monday, recovering slightly from last week’s decline but analysts say traders will likely hold off making any big moves ahead of next month’s meeting of key producers.
Hopes for an agreement between Russia, Saudi Arabia and other crude giants to at least freeze output sent both main contracts racing above $40 earlier this month, helped by a dive in the strength of the dollar.
However, some of those gains were chipped away last week as talk of a possible US interest rate hike lifted the dollar-making oil more expensive-and a report showed another jump in US crude stockpiles.
At around 0355 GMT, US benchmark West Texas Intermediate rose 31 cents, or 0.79 percent, to $39.77. Brent was up 28 cents, or 0.69 percent, at $40.72.
