Crude futures traded modestly higher Thursday, consolidating near the $37 level, as the market awaited fresh developments in Washington and internationally related to a potential U.S.- led war against Iraq.
President Bush has scheduled a press conference for 8 p.m. Eastern time, while chief U.N. weapons inspector Hans Blix will present his latest report on the search for weapons of mass destruction in Iraq to the Security Council on Friday.
"More and more, it looks like hostilities will commence in the later part of next week," said John Kilduff, analyst at Fimat USA, in a note to clients.
Against this backdrop, April crude traded at $36.85 a barrel, up 16 cents on the New York Mercantile Exchange.
News that congressional leaders were pushing for a release of the Strategic Petroleum Reserve pressured oil prices on Wednesday. In a similar vein, OPEC members will meet to discuss the state of oil supplies and prices next Tuesday.
Thorsten Fischer, an energy economist at Economy.com, believes OPEC will leave unchanged its production quota of 24.5 million barrels per day, excluding Iraq, with observers assuming that Saudi Arabia will exceed its quota in order to make up for any supply shortfall.
Natural gas sinks on modest supply drop, weather
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