Oil prices up amid concerns OPEC may cut output

December 4, 2006 05:21


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Oil prices gained slightly Monday as fresh comments from key OPEC members over the weekend suggested the oil cartel would push for further cuts in output at its next meeting later this month. Light, sweet crude for January delivery rose 2 cents to US$63.45 a barrel on the New York Mercantile Exchange midmorning in Singapore. The contract on Friday rose 30 cents to settle at US$63.43 a barrel on expectations of higher fuel demand as blustery weather moved across the United States. The 11-member Organization of Petroleum Exporting Countries is set to agree on its deep winter output policy at its Dec. 14 meeting in the Nigerian capital, Abuja. OPEC is expected to address the need to sharply accelerate oil production cuts they have implemented to stem an oversupply, seen mainly in the bulging inventories of the wealthiest industrialized nations.

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