Oil rises

Tokyo

Oil prices inched up but held near a one-week low on Monday ahead of a joint OPEC and non-OPEC meeting later in the day that may address rising output in Nigeria and Libya.

London Brent crude for September delivery was up 12 cents at $48.18 a barrel by 0651 GMT. The contract settled down $1.24, or 2.5 percent, on Friday after a consultancy forecast a rise in OPEC production for July. NYMEX crude for September delivery was up 7 cents at $45.84 a barrel. Ministers from the OPEC and other non-OPEC producers will meet in the Russian city of St Petersburg on Monday to review market conditions and examine any proposals related to their pact to cut output. Sources familiar with the talks said the meeting may recommend a conditional cap on production from Nigeria and Libya - two OPEC members so far exempt from output cuts - although some analysts were deeply sceptical the group would make such a move.