Oil prices edged up in early trading, with traders pointing to the opportunistic buying after sharp declines in prices in the previous week as the cause for the rally. International Brent crude futures rose 0.75% at $45.92 per barrel, while U.S. crude futures fell 0.91% at $44.47 per barrel. Traders said that oil rose due to the opportunistic buying after last week's price drops, which were the sharpest since January and their lowest level since August. Analysts said sentiment was also dim as a planned output cut by the OPEC scheduled to be finalized during a meeting on November continue to face hurdles. They said that limits on how much each country should produce under the agreement still remains a challenge to agree upon. Meanwhile, Iran increased its production while Saudi Arabia threatened to increase output if the upcoming meeting will not bear any result, making matters more complicated. Russia is still waiting on the sidelines and non-OPEC members that were asked to join the cut has intended their intention to participate. Meanwhile, traders caution that overall oil market fundamentals continue to be weak as demand for oil declines while output continues to be high.
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