Oil prices edge up

Oil prices edged up on Wednesday in anticipation of an OPEC-led crude production cut that is planned to be finalised by the end of the month.

US West Texas Intermediate crude oil futures CLc1 were trading at $46.13 at 0128 GMT, up 10 cents from their last settlement.

International Brent crude oil futures were at $49.22 a barrel, up 10 cents.

The Energy Information Administration (EIA) is due to publish official US crude oil and refined product inventory data later on Wednesday.

The lethargy came after oil prices rallied earlier this week. Traders anticipated the OPEC would successfully implement a planned, coordinated production cut - to be discussed at a Nov. 30 meeting - in order to prop up prices.

However, by late Tuesday analysts had become wary of the prospects for such a deal, as it remained unclear whether major OPEC-producers Iraq and Iran were willing to participate in a meaningful way, according to a news agency report.