Oil edges up towards $47 a barrel

Oil edged higher towards $47 a barrel on Tuesday, supported by the prospect of lower US inventories and production although concern about weaker Asian demand kept prices in check.
While analysts expect reports this week to show no change in US crude stocks overall, an estimate from market intelligence company Genscape that they fell by 1.8 million barrels at Cushing -- US crude's delivery point -- lent oil some support.
Brent crude LCOc1 was up 26 cents at $46.63 a barrel, after declining in the previous two sessions. US crude CLc1 was trading 38 cents higher at $44.38 at 0849 GMT.
"Genscape is forecasting a large stock draw in Cushing," said Olivier Jakob, analyst at Petromatrix. "The supply and demand numbers suggest that the low oil prices are starting to have an impact on US crude oil production growth."
The Organisation of the Petroleum Exporting Countries (OPEC) has refused to lower output to support prices without the participation of non-OPEC countries such as Russia, despite the efforts of members including Venezuela, which last Monday urged the group to convene a heads of state meeting.
But Russia has refused to cut its output and top OPEC producer Saudi Arabia sees no need to hold a summit if such a meeting would fail to produce concrete action towards defending prices, sources said last week, according to Reuters.

--Samir--