Commodity Online
SINGAPORE : World oil prices remained marginally up in late afternoon Asian trade, rose 84 cents to $ 47.80 a barrel.

On Tuesday, prices fell $2.32 to settle at $46.96, after touching $46.82, the lowest level since hitting $46.20 intraday on May 20, 2005.

Oil prices have fallen about 68 per cent since peaking at $147.27 in July. A production cut by OPEC in October failed to halt the slide in prices, and now the group is asking non-OPEC producers for help.

In other Nymex trading, gasoline futures rose 1.48 cents to $1.07 a gallon. Heating oil gained 0.96 cent to $1.59 a gallon while natural gas for January delivery was up 1.0 cents to 6.43 per 1,000 cubic feet.

In London, January Brent crude rose 82 cents to $46.26 on the ICE Futures exchange.