LONDON, Oct 23: The price of oil edged lower on Wednesday as the market mulled weekly US inventory data ahead of the outcome of UN Security Council deliberations on Iraq.

The price of benchmark Brent North Sea crude for December delivery traded for 26.38 dollars a barrel here against 26.43 dollars at the end of the previous session, the lowest closing level since August 14.

In New York, light sweet crude December-dated futures fell 14 cents a barrel to 27.93 dollars a barrel, the lowest level since September 4.—AFP