LONDON (AFP) — Oil prices edged ahead Friday in quiet trade before the Christmas and New Year holidays and amid lingering concerns about energy supplies during the northern hemisphere winter.
In London, Brent North Sea crude for February delivery rose 30 cents to 91.30 dollars per barrel.
New York's main contract, light sweet crude for February, added 47 cents to 91.47 dollars per barrel.
"Oil futures were trading higher in thin volumes ahead of the holiday period," said Andrey Kryuchenkov, an analyst at the Sucden brokerage in London.
"In the absence of any significant fundamental news, trading is likely to remain choppy, amid light volume, with no real direction, as most market participants are preparing to go on holidays."
Analysts predicted that the market would trade within tight ranges for the remainder of 2007 -- a year that has witnessed record price levels close to 100 dollars a barrel.
"I think for the remainder of the year the oil market is going to be rangebound," said Victor Shum, of international energy consultants Purvin and Gertz in Singapore.
Traders are partly focusing on tight market fundamentals of keen demand and stretched supplies.
This week, the market was underpinned by US inventory data showing that US crude stocks had fallen below their five-year average for the first time in more than three years.
Prices had bounced higher on Wednesday after the US Department of Energy said US crude stockpiles tumbled by a more-than-expected 7.6 million barrels to 296.9 million barrels in the week that ended December 14.
Most analysts had expected a drop of 1.5 million barrels in weekly crude stocks.
Traders are also concerned over the level of heating fuel stockpiles as colder winter weather has hit parts of the United States in recent days.
At the same time, however, participants are fretting over the weak outlook for the United States economy, as a recession would severely crimp demand for crude oil in the world's number one consumer.
This week, prices were also pressured by geopolitical concerns in crude producer Iraq.
Prices had dived on Tuesday, reversing an earlier spike, as traders reacted to a move by Turkish troops into northern Iraq to flush out Kurdish rebels -- and their subsequent quick withdrawal.
Crude prices had surged to a record high of 99.29 dollars a barrel on November 21, 2007, which led to widespread calls for OPEC to hike output at its meeting in Abu Dhabi earlier this month.
However the Organization of the Petroleum Exporting Countries (OPEC) opted against increasing production and insisted that the market was awash with ample oil supplies.
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