Oil prices rose again on Friday as OPEC may cut its production in the coming weeks.

Crude oil for January delivery rose 0.30 dollars to 63.43 dollars a barrel on the New York Mercantile Exchange. The prices have climbed from Monday's 59.26 a barrel, increased nearly 7 percent this week.

January Brent crude at London's ICE Futures exchange rose 36 cents to 64.62 dollars a barrel.

OPEC is scheduled to meet Dec. 14 in Nigeria to assess the impact of the group's recent 1.2 million barrel per day cut.

On Friday, Saudi Oil Minister Ali al-Naimi said markets were "significantly" oversupplied, a signal the OPEC heavyweight may favor a further cut to output at the group's December meeting.

Meanwhile, affected by forecasts that cold weather would stoke more heating demand in the United States, the prices reached a two- month high from Wednesday.

Source: Xinhua