Oil prices rise slightly

World oil prices rose slightly Monday amid rising geopolitical tensions, after the reports that the Organization of the Petroleum Exporting Countries (OPEC) agreed to cut production to support the oil prices.

New York's main contract, light sweet crude for delivery in November, rose 20 cents to settle at 59.9 dollars a barrel.

In London, Brent North Sea crude for November delivery gained 71 cents to close at 60.54 dollars a barrel.

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.

Iranian Oil Minister Kazem Vaziri-Hamaneh said on Sunday that OPEC will cut its production ceiling from the present level of 28 million barrel per day.

Meanwhile, the Korean Central News Agency of DPRK reported Monday that Pyongyang had successfully conducted an underground nuclear test. The UN Security Council is holding an emergency meeting to discuss the nuclear issue on the Korean Peninsula.

Source: Xinhua