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Oil hovers above 60 dollars in Asian trade

business Updated: May 26, 2009 12:03 IST

AFP
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Oil hovered above 60 dollars a barrel in Asian trade on Tuesday ahead of an OPEC meeting later this week and continued unrest in key oil exporter Nigeria.

New York's main futures contract, light sweet crude for July delivery, was down 66 cents to 61.01 dollars a barrel in morning trade.

Brent North Sea crude for delivery in July fell 18 cents to 60.03 dollars.

"There's not much impacting on the market right now," said Jonathan Kornafel, Asian director of Hudson Capital Energy.
He added that the market was waiting for results of the OPEC meeting on Thursday for leads.

Ministers from the Organization of the Petroleum Exporting Countries will meet amid expectations there will be no further cuts in output.

The cartel, which pumps some 40 per cent of the world's oil supply, has steadily cut production since late last year in a bid to support prices.

Oil fell from record peaks of more than 147 dollars per barrel in July to about 32 dollars in December as demand dropped off due to the global economic crisis but prices have since risen gradually.

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