LONDON, Nov 23: Global oil prices edged higher on Friday in low volume deals with many US traders away for a long holiday weekend, while the Gaza truce eased supply concerns in the crude-rich Middle East.

Dealers meanwhile shrugged off rebounding German business confidence and kept one eye on tense negotiations in Brussels over the European Union budget. Brent North Sea crude for delivery in January firmed 28 cents to $110.83 per barrel in afternoon trade in London.

New York’s main contract, light sweet crude for January or West Texas Intermediate (WTI), added 29 cents to $87.67 a barrel. Crude futures were steady after people in the US celebrated Thanksgiving and a week of cross-border violence between Israel and Palestinian militants that killed at least 160 people came to an end.

“Oil prices saw virtually no movement yesterday due to the public holiday in the US,” said Commerzbank analyst Carsten Fritsch.

“Price fluctuations are unlikely to be particularly spectacular today either, as the US markets are largely closed for the Thanksgiving weekend.”

The market see-sawed this week as traders tracked Middle East unrest and fretted over fiscal concerns in both the eurozone and the US.

Prices had soared $2 a barrel on Monday, striking one-month highs as violence intensified in the conflict, stoking supply worries.—AFP