Oil prices rise above 59 dollars ahead of OPEC meeting

Crude oil futures rose above 59 dollars as traders worried about reports that the Organization of Petroleum Exporting Countries (OPEC) will cut its production ceiling.

New York's main contract, light sweet crude for delivery in November, rose 1.37 dollars to close at 59.94 dollars per barrel.

In London, Brent North Sea crude for November delivery climbed 44 cents to settle at 59.96 dollars a barrel.

Qatar said Sunday that OPEC would hold an extraordinary meeting in Doha on Thursday to discuss a cut in production to check the fall in prices. Qatar's official news agency QNA said.

Crude futures have fallen more than 20 percent from its record 78.40 dollars per barrel in mid-July, as demand was downgraded and supply worries eased.

OPEC kept its official quota steady at 28 million barrels per day at its last meeting in September, but said it could call an emergency meeting if necessary.

U.S. Energy Department reported last Thursday that crude oil inventories rose by 2.4 million barrels to 330.5 million barrels last week. Gasoline inventories also increased. But heating oil inventories declined 1.75 million barrels to 61.2 million barrels.

Source: Xinhua