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Oil was mixed in the Asian trade today ahead of a key OPEC meeting this week in Vienna, analysts said.
New York’s main contract, light sweet crude for July delivery, rose eight cents to $100.30 a barrel and Brent North Sea crude for July delivery lost six cents to $115.78.
“Looking ahead, the OPEC meeting is coming up this Wednesday... and it is going to be an important event for oil,” said Mr Victor Shum, an analyst with energy consultancy Purvin and Gertz.
The 12-nation Organisation of the Petroleum Exporting Countries (OPEC) will meet on Wednesday in the Austrian capital amid growing fears that high crude prices could further dent the faltering world economic growth and energy demand.
The International Energy Agency has already called on OPEC to increase output and prevent another damaging spike in prices, with seasonal demand set to strengthen in the coming months as the northern hemisphere enters summer.
So far this year, Brent oil prices have soared by about 21 per cent, largely as a result of spreading unrest in the crude-producing Middle East and North Africa region — and particularly in OPEC member Libya.
At the same time, recent downbeat global economic data has suggested that the economic recovery is struggling and this complicates the outlook.
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