Oil prices wait for Powell
Oil prices edged lower on Friday after three days of gains as dealers marked time ahead of US Secretary of State Colin Powell's bid to convince UN powers next week of the need to use military force to disarm Iraq.
US light crude held gains of more than $2 on the week, while London Brent fell 11 cents to $US31.10.
Low global oil stocks and reduced oil exports from strike-torn Venezuela have combined with war fears to boost oil prices more than 30% since late November.
Analysts see little relief from oil prices, near two-year highs, as the White House positions itself for war against key exporter Iraq, which hold's the world's second largest oil reserves behind Saudi Arabia.
US Secretary of State Colin Powell is due to present evidence Wednesday to the UN Security Council to show that Baghdad is pursuing programs to build biological, chemical or even nuclear weapons in violation of sanctions.