LONDON (SHARECAST) - Crude oil prices nudged higher in the last few minutes of floor trading in New York in otherwise subdued trading ahead of OPEC's meeting. Crude for July delivery settled up 8 cents at $99.09 a barrel on the New York Mercantile Exchange, the first increase in three sessions. In contrast Brent crude for July delivery gained as much as $2.30 to $116.78 a barrel on the ICE futures exchange. OPEC ministers are scheduled to meet on Wednesday in Vienna and while the oil cartel has officially said there is little need to raise quotas, speculation is growing of a divide within the 12-nation cartel. Saudi officials are expected to vote for an increase of around 1.5m barrels a day from current levels to match rising global oil demand and in an attempt to cool prices. As well as OPEC's meeting focus is expected to turn to the weekly inventory report from the Department of Energy. The report is expected to show a 400,000 decline in US oil stockpiles. Gold futures tumbled from a five-week high as easing concern about European debt reduced interest in the safe haven qualities of the precious metal. Gold futures for August delivery fell $3.20 to settle at $1,544 an ounce on the Comex in New York. Silver futures for July delivery rose 26.4 cents to $37.046 an ounce on the Comex.

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