Oil prices edge down

Oil prices edged down on Tuesday but held near one-year highs touched on growing expectations of an output cut by OPEC producers.

Oil prices jumped as much as 3.0 per cent on Monday after Russia and Saudi Arabia both said a deal between the OPEC and non-OPEC members like Russia in curbing crude output was possible.

International Brent crude oil futures were trading at $53.04 per barrel at 0225 GMT, down 10 cents from their previous close, not far off Monday`s $53.73 a barrel high.

US West Texas Intermediate crude futures were at $51.24 a barrel, down 11 cents from their last close, but also near Monday`s high of $51.60 a barrel.

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Asian shares mostly lower, oil near one-year high on output cut views, according to a news agency report.