World oil prices fell in New York and rose in London today as traders eyed volatile global markets and awaited a US interest rate call and an OPEC production meeting later in the week.
New York's main contract, light sweet crude for delivery in March, gave up 13 cents to $90.86 per barrel.
Brent North Sea crude for March delivery won 11 cents to $91.49 dollars a barrel. In earlier trades, both contracts had risen above $91 a barrel.
Global equities cranked back into gear today, recovering some of their recent heavy losses as investors pinned their hopes on another US rate cut, dealers said.
The US government's Energy Information Administration (EIA) will reveal the state of US oil inventories for the week ending January 25 tomorrow. The weekly report is widely watched by the market because the US is the world's biggest consumer of energy, followed by number two China.
In addition, the US Federal Reserve is forecast to slash its key interest rate tomorrow in a move which could encourage US demand for crude oil - and therefore could strengthen prices.
The 13-member Organisation of Petroleum Exporting Countries (OPEC) also convenes in Vienna on Friday for a crucial meeting about the cartel's production levels.
OPEC, whose members together pump 40% of the world's oil, will very likely maintain current output levels amid fears that a potential US recession could dampen crude demand, analysts said.
US President George W Bush, during a visit to the Middle East earlier this month, urged OPEC to increase output to help bring down prices, which had soared to a record high $100.09 a barrel in New York at the start of January.
