Oil Rises as OPEC Considers Supply Cut
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Oil prices rose for the second day in a row on Thursday as several OPEC ministers called for the cartel to stop producing more oil than its official target.
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Oil prices rise amid colder weather in the US and speculation that oil cartel Opec might cut output.
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Oil steadied above $62 on Friday,   supported by signals that some OPEC producers may trim output   to stem a price decline caused by ample U.S. inventories.
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SINGAPORE, DEC 6: Oil prices inched up from a three-month low on Monday as traders caught their breath after last weekâs 14% dive and considered a possible output reduction at Opecâs upcoming meeting.
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OPEC will increase oil production by 500,000 barrels a day to meet an expected surge in winter consumption.
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Oil prices rise on speculation that producer cartel Opec may unveil  cuts in output at its December meeting.
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Oil prices rose more than $1 a barrel yesterday after an attack on an oil facility in Iraq and after Saudi Arabia's oil minister said OPEC might decide to cut output again when it meets next month.
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OPEC was considering on Thursday delaying an oil output cut until the northern winter has passed, responding to the calls of importer nations' afraid supply curbs now will drive prices higher and hurt their economies.
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Oil rose above $61 on Wednesday as   dealers balanced signs that producer group OPEC may take action   to stem tumbling prices against forecasts for a rise in U.S.   winter fuel stocks.
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Oil prices held strong Friday after a  $2, five percent surge higher as OPEC ministers weighed the  timing of a possible further output cut for the spring.
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The possibility of a cut in OPEC production grew stronger yesterday after the oil minister of Saudi Arabia indicated he was aware of majority sentiment in favor of a reduction.
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OPEC may decide to increase oil output at its February 1 meeting in Vienna if supply is not sufficient, Indonesia's OPEC governor told Reuters on Thursday.
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SINGAPORE/LONDON  - Oil rose above $61 on   Wednesday as dealers balanced signs that producer group OPEC   may take action to stem tumbling prices against forecasts for a   rise in U.S. winter fuel stocks.
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Oil prices rise higher after a report shows a bigger drop than expected in US oil stocks, a day before a crucial Opec meeting.
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NEW YORK, December 6  - Oil prices increased today on fears of the announcement of an output cut by the OPEC during its meeting scheduled for later this week.
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Oil edged up above $63 a barrel on Monday as two OPEC members trimmed production in an effort to tighten swollen supplies and halt a slide in prices.
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Oil rose more than $1 to above $62 a barrel on Thursday after OPEC decided to cut its output by 2 percent starting in February.