2017.07.2401:49:00UTC+00Oil Edges Up Ahead of OPEC Convention

Oil prices gained ground following a steep decline in the session before, bolstered by bets that a joint meeting of OPEC and non-OPEC members later today may tackle the increasing output by Nigeria and Libya, two members of the cartel that has been excluded from an initiative to lower production.

London Brent crude edged up by 24 cents at $48.30 per barrel. The crude contract finished down $1.24 or 2.5 percent down after a consultancy said it expected an increase in OPEC production this month despite the pact to curb output.

NYMEX crude futures rose 17 cents at $45.94.

Energy ministers from OPEC and other non-OPEC crude producers will meet in St. Petersburg to talk about the deal to lower oil output by 1.8 million bpd until the end of March 2018.

The committee is seen to suggest a conditional limit on Nigeria and Libya's oil production, according to sources privy to the matter. However, output cuts by Libya and Nigeria would be almost unlikely given that Libya has just begun to bolster production in the aftermath of the civil war.