U.S. oil prices slightly higher in the shortened trading on Friday (Saturday morning GMT ) , as traders reverse the recent trend that has seen the U.S. crude benchmark discounted sharply compared to Europe .
The benchmark U.S. light sweet crude or West Texas Intermediate ( WTI ) for delivery in January rose 42 cents to close at 92.72 dollars a barrel on the New York Mercantile Exchange , the trading session shorter than normal after the Thanksgiving holiday , AFP reported .
Meanwhile , the European benchmark , Brent crude for January delivery fell 1.17 dollars to settle at 109.69 dollars a barrel in London deals .
Analysts said the unusually thin trade on Friday and there was no major news affecting the global oil market .
With no major news , traders reverse the recent trend that has seen relatively sharp fall in the value of the WTI against Brent because of rising concerns about the increase in U.S. oil inventories .
" You must have seen tremendous deterioration of the price gap Brent - WTI and today it may be corrected , " said Andy Lebow , senior vice president for energy derivatives at Jefferies Bache - .
The gap between the two " benchmark " increased from 14.21 dollars per barrel on November 20 be 19.33 U.S. dollars per barrel on Thursday ( 28/11 ) before the change Friday , said Lebow .
The oil market also began to look forward to the meeting of the Organization of Petroleum Exporting Countries ( OPEC ) in the next week .
While meeting in Vienna that may not result in a change in production quotas group , some analysts estimate the potential split in the debate about how to handle the increased production from Iraq .
Volume expansion occurred in Iraq in the middle of the historic revival of U.S. production , and low global economic growth .
" One hopes they began to have some serious discussions , " said Lebow .
" As you look ahead , and they may be producing far more than the market needs . "
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