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REFILE-Oil prices rise slightly, investors eye OPEC meeting

Published 2015-11-29, 08:21 p/m
© Reuters. REFILE-Oil prices rise slightly, investors eye OPEC meeting
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(Corrects to to fix typographical error in headline)
TOKYO, Nov 30 (Reuters) - Crude oil prices rose in early
Asian trade on Monday, although gains were limited as investors
look ahead to an OPEC meeting where ministers from the oil
producing group will set policy in the face of a market still in
glut.
Oil prices are heading for declines of as much as 10 percent
this month as optimistic assessments that the overhang in the
market would ease have proved wrong.
U.S. crude CLc1 was up 18 cents at $41.88 a barrel at 0047
GMT after falling more than 3 percent on Friday. The contract is
heading for a 10 percent fall in November.
Brent crude LCOc1 was up 4 cents at $44.90 a barrel
following a decline of 1.3 percent on Friday. The global
benchmark is on track for a 9.4 percent decline this month.
OPEC officials have called into question an upbeat forecast
from the group's researchers last week before the gathering of
oil ministers on Dec. 4, with some sceptical there will be a
quick easing of the supply glut in 2016.
The research team expects higher demand for OPEC oil next
year as supply from producers such as the United States
declines, potentially reducing the glut, with world oil demand
seen rising by 1.25 million barrels a day.
Prices have slumped by more than half since the middle of
last year because of the overhang.
OPEC last year made a historic decision to refuse to prop up
prices by cutting supply and focussed on defending market share.
The shift was led by Saudi Arabia, supported by other Gulf OPEC
members, but doubts about the policy among less wealthy members
are growing.
Still, officials told Reuters last week it is unlikely the
group will change that policy.

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