Oil prices drifted higher on Friday as investors adopted a cautious stance ahead of an emergency Arab summit in Cairo at the weekend on the Israeli-Palestinian crisis.
Brent North Sea crude for December delivery was selling for $31.09 a barrel after closing at $30.74 on Thursday.
Market players fear that developments at the Arab summit could have a knock-on effect on prices, and were unwilling to take outlandish positions on Friday.
Prices were sent skyrocketing to 10 year high points above $35 last week amid concerns that the Israeli-Palestinian stand-off could flare up into a regional crisis, drawing in oil-producing Arab nations on the side of the Palestinians.
Some analysts have warned that if Palestinian-supporting Arab nations were to use oil as a political lever to pile pressure on Israel's allies in the West, prices could spiral sharply.--AFP.
(C)--Agence France Presse.
© 2000 Mena Report (www.menareport.com)