Oil prices rose above $61 a barrel in Asian electronic trading Wednesday amid cold weather forecast in the United States and next month's OPEC meeting.
Light sweet crude for January delivery was up 14 cents to $61.13 a barrel on the New York Mercantile Exchange.
Saudi Oil Minister Ali al-Naimi had indicated that OPEC would evaluate the effect of October's decision to cut output when it meets next month in Abuja, Nigeria, and if necessary authorize another cut.
The Organization of Petroleum Exporting Countries announced in mid-October that it would reduce output by 1.2 million barrels a day, but skepticism that the cartel members are committed to production cuts, as well as milder-than-normal U.S. temperatures this fall, have moderated prices.
"We think that as the meeting's date closes in, the cartel will close ranks and coalesce around a position of supporting a cut," said Edward Meir at Man Financial on Tuesday. "If members leave the meeting without cutting, prices could sink even further."
