Oil prices edge down despite Iraq's willingness to cut output

Oil prices edged lower on Wednesday despite Iraq's willingness to participate in an output freeze deal.

The West Texas Intermediate for January Delivery lost 0.07 U.S. dollars to settle at 47.96 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery erased 0.17 dollars to close at 48.95 dollars a barrel on the London ICE Futures Exchange. Endit