Oil prices edged up on Wednesday in anticipation of an OPEC-led crude production cut that is planned to be finalized by the end of the month, through trading was thin ahead of the U.S. Thanksgiving holiday on Thursday.
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U.S. West Texas Intermediate (WTI) crude oil futures were trading at $46.13 at 0128 GMT, up 10 cents from their last settlement.
International Brent crude oil futures were at $49.22 a barrel, up 10 cents. Reuters commodities analyst Wang Tao said that Brent could rise to $49.85 per barrel, a level marked by several technical resistance factors.
Despite Wednesday’s slight increases, analysts said that the market was currently unwilling to push crude prices to $50 a barrel or higher.