Oil prices reversed opening losses in London this morning in light of continued coalition progress and a call by the Organisation of Petroleum Exporting Countries (OPEC) for an emergency meeting.
By 9.30 a.m. IPE Brent crude for May delivery was up 15 cents at $24.73 per barrel, having closed at $24.58 per barrel yesterday.
Prices remained under pressure as progress in the US-led war in Iraq rekindled fears of oversupply in the market once the world's seventh-largest producer starts pumping oil again.
Late yesterday afternoon OPEC said would meet to consider production cuts to support weakening crude prices helped the commodity recover from the lowest levels since the war in Iraq started.
OPEC's warning that it might cut output was a quick about-turn for the oil cartel, which only last month assured the market it would make up any shortfall from the supply disruptions in Iraq and Venezuela.
It plans to hold an emergency meeting on April 24th to discuss cutting supplies to counter any oil price drop after a resolution to the war.
Agencies