Oil

Oil edges up as traders expect lower US stocks in tomorrow's dataLONDON (AFX) - Oil rose, reversing earlier losses, as the market prepared for weekly US stocks data which is expected to show a drop in inventories.The Energy Information Administration will release the data tomorrow, a day later than usual as the US celebrated a national holiday on Monday. At 5.11 pm, front-month Brent North Sea crude contracts for April delivery were up 64 cents to 58.62 usd per barrel. Oil shed 16 cents to close at 57.98 usd yesterday.Meanwhile, front-month New York light sweet crude contracts for April delivery were up 46 cents to 59.31 usd a barrel, after falling 16 cents to close at 57.07 usd yesterday. "We had a pretty cold week last week," said Adam Sieminski, adding, "expectations for a gas draw are high."Gas prices are heading towards the highest level of this year.US/Iranian geopolitical concerns are also supporting prices.The UN had set a deadline of Wednesday for Iran to comply with its uranium enrichment programme, but "Tehran has all but scoffed at the idea," said Altavest trader, Tom Hartmann. "It appears that we could be seeing some buying due to Iranian posturing over its uranium enrichment programme," added Hartmann.However, gains were capped as demand looks set to fall on warmer temperatures. The US National Weather Service is forecasting temperatures in the US Northeast -- which consumes 80 pct of the nation's heating oil -- to stay above average levels through to March 5.While stocks last week are expected to have dropped, some analysts said the recent cold snap was not enough to overturn the growth in inventories as a result of a mostly mild winter.Prices in New York briefly dipped below the critical 50 usd level in mid-January as the US enjoyed an unusually warm winter.