Oil prices rose towards $50 a barrel today as traders braced for potential disruptions ahead of Iraq's elections on Sunday, and Saudi Arabia said OPEC had no need to cut supply at its meeting the same day.
US light crude was up 82 cents at $49.60 a barrel, erasing yesterday's 86 cent fall. London Brent crude was up 69 cents at $47.20 a barrel.
As prices rose, Saudi Arabia's Oil Minister Ali al-Naimi said today that OPEC did not need to cut production at the cartel's Sunday meeting and could afford to wait at least until March before reducing supply.
His comments were the first indication of Saudi Arabia's stance heading into OPEC's ministerial meeting in Vienna on 30 January 30. The group agreed last month to withdraw 1 million barrels per day of supply from January 1 to bolster prices.
Traders are anxious about Iraq's election, also on Sunday, as they fear intensifying violence could hit southern exports.
