LONDON, Dec 24: IPE Brent crude futures were hit by late profit taking into the close to end a shortened on Monday session slight softer, but sentiment remained largely positive.

Traders said despite the late selling pressure the session had taking a largely firmer tack as the market braced itself ahead of an anticipated move by Opec to cut output on Friday.

February Brent last traded four cents down at $19.32 a barrel after hitting resistance near $19.70 in early trade and testing support around $19.30 in late trade.

Around 7,300 lots were traded on the contract of which just over 1,200 were exchanges for physicals (EFPs).

January gas oil ended $1.25 a ton firmer at $166.50 with around 5,000 lots traded on the contract.

Traders said the increasing likelihood that Opec will move to cut output when it meets later this week was the main supporting factor over the morning.

The cartel is due to hold an emergency meeting on Friday in Cairo and is expected to give a final approval to its fourth output cut in a year.

Comments by Venezuelan President Hugo Chavez on Sunday that Opec would surely agree to reduce oil output by 1.5 million barrels per day (bpd) at an extraordinary meeting on December 28, in Cairo have also reinforced last week’s positive sentiment.

The minister of energy and mines leaves tomorrow for Cairo, Egypt, for the extraordinary meeting of Opec, which will surely decide on that 1.5 million bpd Opec cut, Chavez said during his weekly TV and radio show, Hello President.

Russia, Mexico, Norway, Oman and Angola have together agreed to reduce exports by 462,500 barrels per day (bpd), just short of the 500,000 bpd Opec set as a condition for a 1.5 million bpd cut of its own.

If there is little difference, we think this should not be an obstacle to achieving the larger goal of the cut, Venezuelan Energy and mines minister Alvaro Silva said.—Reuters