Oil prices marked time on Wednesday morning, as dealers were loath to take positions with the result of the US presidential election hanging in the balance.
The price of a barrel of Brent benchmark North Sea crude for December delivery was 31.57 dollars compared to 31.68 dollars at the close on Tuesday.
On the New York futures market, the price of reference light sweet crude oil for delivery in December rose by 54 cents to 33.40 dollars on Tuesday.
"The market is on hold," said Salomon Smith Barney analyst Peter Gignoux. "The market is trying to figure out what the new energy policy will be."
Republican candidate George W. Bush, who was given a narrow victory earlier Wednesday only to see it withdrawn amid a dramatic re-count in the key state of Florida, is perceived as a closer friend to 'big oil'.
But he is also seen as less interventionist than his rival, Democrat Al Gore, which could have implications for key oil market factors such as the mobilization of the US strategic petroleum reserve.
Oil prices have persisted above or close to 30 dollars a barrel for three months amid fears that supply may not match demand this winter.
Prices spiked again on Tuesday amid concern over Nigerian production following community unrest at a Shell terminal in the west African country.
Investors also pricked up their ears at a hint from Iraq that it could halt crude exports in protest at delays in the UN approval process for imports and in the release of oil revenues.
The market was meanwhile digesting largely unsurprising data published late Tuesday on US crude oil stocks, which rose a tiny 35,000 barrels last week to 281.7 million barrels. Stocks are still some 30 million barrels lower than they were at the same time last year -- LONDON (AFP)
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