Oil edges back in Asia after sharp losses

Singapore, Aug 30 (AFP) Oil prices edged up in Asiatoday, a day after retreating on a stronger dollar, butworries about a global supply glut are keeping gains in checkahead of a key producers’ meeting next month. Both main contracts tumbled yesterday after FederalReserve boss Janet Yellen indicated a possible US rate hikethis year, sending the greenback rallying and making crudemore expensive to holders of other currencies. Investors moved in to pick up bargains Tuesday and atabout 0400 GMT, US benchmark West Texas Intermediate rose 21cents, or 0.45 per cent, to USD 47.19 while Brent was 13cents, or 0.26 per cent, up at USD 49.39. Attention is now on the release of US jobs data Friday –which should give an idea about the Fed’s plans for rates –before Russia and OPEC hold talks in Algeria to discuss theoversupply crisis that has dented prices for years. "It’s probably natural to see some bounce afteryesterday’s per cent fall," said Bernard Aw, market strategistat IG Markets in Singapore. "As oil approaches the upper end of the USD 40-50 range,we need confirmation that oil majors are heading towards anagreement to stabilise the market for oil prices to pushhigher." The commodity has rallied in August on hopes Moscow andthe Organization of the Petroleum Exporting Countries willfind an agreement to limit production. Jeffrey Halley, senior analyst at currency trading firmOANDA, said: "Spikes above USD 48 in WTI and USD 50 in Brentcrude are still being met by eager sellers, keen to reducelong positions ahead of Friday’s event risk." (AFP)AJR