Singapore, May 27: Oil prices were higher in Asian trading today and poised to rise further on low us inventories and expectations OPEC will cut output to support the market, dealers said. At 11:05 am (0835 IST), New York's benchmark light sweet crude contract for July delivery traded at $29.25 a barrel, up slightly from its previous close of $29.16 in Asia. Markets in New York were closed for the long holiday weekend.
"I won't be surprised if prices continue to rise as US stocks are still low and if OPEC continues to talk up prices, saying that there may be a cut in production, then prices will definitely rise further," said a local trader.
OPEC president Abdullah bin Hamad al-Attiyah said that the oil cartel could be expected to agree to cut production at a ministerial meeting in Qatar on June 11 to avoid a price collapse.

Bureau Report