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| Oil hovers above $60 in Asian trade |
| AFP/ PTI / Mumbai May 26, 2009, 12:50 IST |
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Oil hovered above $60 a barrel in Asian trade today 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 a barrel in morning trade.
Brent North Sea crude for delivery in July fell 18 cents to $60.03 a barrel.
"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 percent 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 per barrel in July to about $32 in December as demand dropped off due to the global economic crisis but prices have since risen gradually.
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