Oil futures advanced in Asian trade Monday following fresh diplomatic wrangling ahead of a highly anticipated meeting of the Organization of the Petroleum Exporting Countries next week. On the New York Mercantile Exchange, light, sweet crude futures for delivery in December traded at $46.22 a barrel, up 53 cents, or 1.2%, in the Globex electronic session. January Brent crude on London’s ICE Futures exchange rose 59 cents, or 1.3%, to $47.45 a barrel. Over the weekend, OPEC members worked to resolve their differences ahead of their Nov. 30 meeting in Vienna. Late Sunday, Jabbar al-Luaibi, Iraq’s oil minister, said the country plans to offer three new proposals this week in an effort to improve unity. He declined to give specifics about the proposals, but Iraq’s contribution to a proposed OPEC supply cut has been a key stumbling block toward reaching a deal. Iraq has been ramping up production for […]