As market anticipates oil output cut by OPEC at its next meet, prices rise in Asia

As the markets anticipates production cuts of as much as 2 mln bpd by OPEC next week, oil prices have inched up n Asia. OPEC has signaled it plans to reduce output quotas at a meeting December 17 in Algeria. Light, sweet crude for January delivery moved to US$43.7 a barrel in electronic trading on the New York Mercantile Exchange by midday in Singapore. Over the past few months, OPEC's production cuts have failed to curb plummeting oil prices, would not result in a rally but would stabilize the market and prevent any further downward spiral.