Oil prices in Asia rose, but continued to linger below US$90 per barrel in anticipation of a decision by OPEC to raise output at a meeting this week. New York's main contract, light sweet crude for January delivery rose to $US89.55 a barrel, Brent North Sea crude for January delivery rose to $US89.04 a barrel.
Organisation of the Petroleum Exporting Countries (OPEC), which is meeting in Abu Dhabi on Wednesday, has refused to confirm a production increase but the market is betting on the cartel moving in that direction. OPEC kingpin Saudi Arabia is reported to have said that the market was well supplied and that the recent spike in oil prices to an all-time high of $US99.29 dollars last month did not reflect supply and demand.
OPEC last decided to raise production in September when it agreed to provide an extra 500,000 barrels a day to the market from November 1.
03-Dec-07 
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