Light, sweet crude for January delivery rose marginally to US$63.45 a barrel on the New York Mercantile Exchange midmorning in Singapore, on comments from key OPEC members suggesting a further cut in output at its next meeting on December 14 in the Nigerian capital, Abuja.
This cut is anticipated in response to reports of an oversupply, seen mainly in the bulging inventories of the wealthiest industrialized nations. Recent data from the International Energy Agency showed stocks held among the 30 Organisation of Economic Cooperation and Development member countries at the end of September were 2.76 billion barrels, the highest level in almost 8 years and 4.5% higher than a year ago. This means OECD members have 55 days' worth of oil consumption in stock, a significant two days more than a year ago.
04-Dec-06 
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