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Oil prices drift higher

AFP

Global oil prices drifter higher on Monday ahead of this week's US central bank meeting and the release of key economic data from the world's biggest economy, analysts said.

Brent North Sea crude for delivery in September rose 40 cents to stand at $107.57 a barrel in midday deals in London.

New York's main contract, West Texas Intermediate (WTI) for September, added four cents to $104.74 per barrel.

"Federal Reserve officials (are) meeting this week and as ever all eyes will be on its post-meeting statement on Wednesday," Kenny Kan, market analyst at CMC Markets, said in a note.

He said investors were hoping to "decipher the Fed's timeline" for reeling in its $85 billion-a-month stimulus programme.

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United Overseas Bank said markets were also waiting for the release this week of US second quarter gross domestic product figures, manufacturing data and a jobs report for clues about the health of the world's biggest oil consuming nation.

burs/rfj/hd