LONDON, Jan 30: World oil prices edged higher on Friday as traders seized on better-than-expected economic growth data in the United States, which is the world’s biggest consumer of energy.Brent North Sea crude for delivery in March added 60 cents to $46 per barrel on London’s InterContinental Exchange.

New York’s main futures contract, light sweet crude for March, gained 30 cents to $41.74 a barrel, after briefly topping $43 following publication of the GDP numbers.

Tradition Energy analyst Addison Armstrong, cited by Dow Jones Newswires, said that further “upside moves (in oil prices) are being capped by growing concerns over the state of the global economy.”

Crude prices had also risen earlier on Friday, a day after Opec said it would consider more output cuts to bolster a market faced with tumbling demand due to the global economic slump.

OPEC members need an oil price above $50 to make exports worthwhile, the head of the cartel said Thursday, adding that more production cuts were possible later this year.

The Organisation of Petroleum Exporting Countries pumps 40 per cent of the world’s oil and late last year cut output by a total 4.2 million barrels per day as prices slumped from record highs of $147 reached in July.

“One factor that has supported oil pricing is the production cuts made by Opec,” said Victor Shum, an analyst with energy consultancy Purvin and Gertz.

“So despite all the bad economic news that continues to inundate the market, oil pricing has stabilised.”

After sliding at the start of the week, oil prices rebounded on Wednesday as hopes for an economic rebound offset the impact of high US crude oil inventories and a gloomy global outlook from the International Monetary Fund.

The US government’s Energy Information Administration (EIA) said crude reserves jumped 6.2 million barrels in the week to January 23, which was more than double market expectations and indicated weaker demand.—AFP