Oil prices up in Asia

Singapore
Oil prices climbed in Asia Tuesday before a meeting of the OPEC oil cartel and a report on US commercial crude inventories which will let traders gauge demand in the world´s biggest oil consumer.
Analysts said the impact of comments by the Saudi Arabian oil minister, that his country was prepared to work with other oil producers to stabilise prices, was muted because there was no firm signal to slash production to ease the global glut. The market will be closely watching the gathering of the Organization of the Petroleum Exporting Countries (OPEC) next month for firm announcements on the cartel´s lofty production levels, analysts added. OPEC´s decision in November 2014 to maintain high output despite falling prices accelerated a decline from peaks of more than $100 a barrel earlier in the year.
At around 0610 GMT, US benchmark West Texas Intermediate for January delivery was up 27 cents at $42.02 and Brent crude for January was trading 20 cents higher at $45.03.