Crude prices edged up in Asia

Crude prices edged up in Asia on Wednesday as traders awaited a European Union summit later this week that will focus on finding a resolution to the regions debt crisis, analysts said.New Yorks main contract, light sweet crude for delivery in January, gained 15 cents to $101.43 a barrel in the afternoon.Brent North Sea crude for January delivery rose three cents to $110.84.Eurozone debt fears hung over the market as traders awaited the meeting on Thursday and Friday, said John Vautrain, vice president of Purvin and Gertz energy consultants in Singapore.Weve got a meeting coming up but we dont have results yet. I think you might interpret this as the market holding its breath until the news breaks one way or the other, he told AFP.Standard & Poors ratings agency on Monday placed Germany and France and 13 other euro nations on negative watch and warned of a downgrade if their leaders were unable to come up with a coherent resolution to the debt crisis.Greek lawmakers earlier Wednesday approved a 2012 budget pledging tough fiscal goals demanded by its EU partners in return for fresh loans.