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 dollars a barrel after closing at 30.74 dollars 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 dollars 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 – LONDON (AFP)
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