Oil prices inched up at the start of the week, after losing 5% -sinking to a four-month lows last week when rising US fuel inventories eased fears of a fuel crunch in the winters. US light crude traded at US$57.65 a barrel and London Brent was at US$54.76 a barrel. Opec's high production rate has helped in increasing stockpiles in the United States. US crude stocks rose 4.5 million barrels to 323.6 million barrels amid strong imports last week, taking inventories to nearly 13% above last year.
Lower prices have not yet prompted supply cuts, as Organisation of the Petroleum Exporting Countries (OPEC) will keep a watch on the weather before mapping production policy. The United States wants Opec to keep pumping at its highest rate in 25 years to ensure the market remains well supplied. OPEC meets on Dec. 12 in Kuwait to discuss output policy.
16-Nov-05 
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