Oil prices higher in Asian trading

<a href=www.iribnews.com>iribnews.com 10:08:43 AM Singapore, June 6 - Oil prices rose in Asian trading on Friday on anticipation of a production cut when OPEC meets next week, dealers said. At 11:30 am (0830 GMT), New York's benchmark Light Sweet crude oil for July delivery was trading at 30.80 dollars a barrel, up from its overnight close of 30.74 dollars. The 11 members of the Organisation of Petroleum Exporting Countries (OPEC) are due to meet on June 11 in Doha, Qatar to decide whether to cut production. "Concerns over a possible cut in production by OPEC as well as talk that Venezuela may cut production has weighed heavily on the market, pushing prices consistently higher," a local trader said. He said OPEC's decision and other factors may help push oil past 32 dollars a barrel. "Prevailing concerns over historically low stocks in the us aswell as news that the north Iraqi oil fields may not be able to produce much for two months due to looting has also supported the rise in the prices," said a dealer.