Oil edged higher in early London trade buoyed by the disruption of imports into US this week by fog in the Houston Ship Channel, and by market player expectations for a rate cut from the US Federal Reserve later today. Delayed crude imports into the US are pushing up prices in a market already concerned by the state of winter supplies. Gains have been capped however by end of year book-squaring by investors, and lingering fears that a slowing global economy could see demand for fuel crimped. Many market analysts see prices trading rangebound going into the year end, as OPEC's decision not to boost output last week provides a floor for prices which have been easing since failing to break 100 usd in November. "Crude oil prices remained rangebound for much of yesterday as market forces neutralised each other," said Bank of Ireland analyst Paul Harris. "Year-end squaring of positions continued, softening the market which had eased on reduced fears of further dollar weakness, with Texas fog impeding the import of crude providing support. "With little in the way of fresh impetus the heady levels seen in November are unlikely to be retested this side of the holiday break." New York's WTI (West Texas Intermediate) crude for January delivery was up 31 cents at 88.17 usd per barrel. Meanwhile, London's Brent crude for January delivery was up 22 cents at 88.74 usd per barrel.