TOKYO: Oil prices edged higher from one-month lows in early trading in Asia on Tuesday after OPEC agreed on a long-term strategy that was seen as an indication the cartel was reaching a consensus on managing production.But the gains were limited as the market was weighed down by further indications of record output from the group, a sign the glut that has kept a lid on prices is not draining away as fast as the oil bulls would like.U.S. West Texas Intermediate (WTI) futures were up 9 cents at $46.95 a barrel at 0208 GMT. They plunged nearly 4 percent to $46.86 a barrel in the previous session.Brent for January delivery, the new front-month contract, was up 31 cents at $48.92. They did not reach any specific terms, and sources said Iran has been reluctant to even freeze output.Oil prices had risen as much as 13 percent since OPEC announced on Sept. 27 a production cut to support prices after the slump that began in mid-2014. The cartel said members' cuts will be finalised at a meeting later this month.

Source: The Star November 01, 2016 03:18 UTC