Oil price rises responding to possible OPEC production cut

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