Oil prices climbed slightly this morning, the day before an OPEC output meeting.
OPEC meeting - Iran set to oppose output increase
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Oil prices climbed slightly this morning, the day before an OPEC output meeting which may decide to increase crude supplies despite faltering energy demand.
Brent North Sea crude rose 27 cents to $114.75 a barrel, while US crude gained 14 cents to $99.15 a barrel.
The Organisation of Petroleum Exporting Countries, whose dozen member countries together pump 40% of the world's oil, meets on Wednesday in Vienna.
Delegations were arriving in the Austrian capital today amid growing fears that high crude prices could further dent world economic growth and energy demand.
Analysts say most OPEC countries, including Saudi Arabia, want to hike production and keep prices lower. But most analysts expect the cartel to leave production quotas unchanged despite a recent surge in crude oil prices spurred by unrest in the Arab world, particularly in Libya.
Iran, OPEC's second-biggest crude producer, favours high oil prices and traditionally opposes an increase in production. The country currently holds the rotating OPEC presidency for the first time since the 1979 Islamic revolution.
