Brent slids to 2.5 month low

Oil prices edged up modestly on Thursday to around $46 per barrel, after a sharp fall the previous day. Yesterday's price rise is supported by demand for gasoline.

Brent crude futures were at $45.90, rising 9 cents. U.S. crude futures were at $43.10 a barrel, climbing 17 cents from Wednesday, rising U.S. stocks and an economic slowdown in Asia.

On Wednesday, the oil rices sild more than 3%. Brent crude dropped to a two and half month low at $45.6 per barrel, WTI was only above its close of October value at $42.6 per barrel.

This weakness in the prices is weighing on OPEC producers, particularly Saudi Arabia. Ecuader demanded a cut in OPEC production in a meeting in Riyadh. There is next meeting in 3 weeks.

"Remarks made by representatives of Saudi Arabia and Kuwait do not lead one to expect any change to the current OPEC strategy, which aims to defend market shares even if this means putting up with low prices", says Commerzbank in a research note.