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London oil prices slightly higher

LONDON: World oil prices edged slightly higher, led by demand in the U.S., where crude stocks are at 16 year lows.

September Brent futures at the London International Petroleum Exchange (IPE) was trading six cents a barrel up at $16.37 by 1600 GMT and largely tracking New York futures.

But any further upside was deemed limited, while U.S. benchmark September West Texas Intermediate struggled to break through technical resistance and breach $18.

All eyes are now focused on North Sea loading programmes for next month, expected to be released on Monday.

Most traders say they will reflect rising output from the Brent and Gullfaks systems, which are due to come back up from maintenance next month.

"The programme will be large and initially exert pressure," said one dealer. "But it depends how much the U.S. takes."

Meanwhile the market was also monitoring the progress across the Atlantic of Hurricane Felix. Meteorologists said the storm's path should carry it well north and east of the U.S. Gulf oil and natural gas fields. If it makes landfall, it will probably strike the U.S. east coast, they said.-Reuter