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Oil prices edge higher in thin trade; OPEC eyed

From reuters.com

Oil prices inched up toward $50 a barrel on Monday, although uncertainty ahead of an OPEC producer-group meeting later in the week was expected to cap gains. The Organization of the Petroleum Exporting Countries meets in Vienna on Thursday, although most analysts did not expect any changes in the group's production. While OPEC has been unable to agree on an output freeze to support prices, Iraq was the latest Middle East producer to raise its export quota ahead of the meeting, supplying 5 million barrels of extra crude to its partners in June. "So far there's pretty much a consensus that nothing will happen and that ... (full story)

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