Oil prices recorded a marginal rise in prices, on Wednesday, springing back from two sessions of consecutive losses. Last two days saw prices dipping below record highs, on expectations that US inventory data will show a fall for a fourth straight week. US light crude for December delivery rose to US$91.42 a barrel by 0158 GMT, after dropping more than 3.5% on Tuesday.
Saudi Arabian minister has confirmed that OPEC will not discuss raising crude output at a heads-of-state meeting on Nov. 17-18, shifting the market focus back to the short-term outlook, which points to a supply shortfall during the northern hemisphere winter. OPEC's next official policy meeting is on Dec 5 in Abu Dhabi. The producers agreed to increase output by 500,000 bpd starting Nov 1, although analysts have said the rise would not be enough to stem decreases in consumer stockpiles.