Oil rose toward $62 a barrel as producer group Opec kindled fears of production cuts, saying oil's steep slide from record peaks had brought prices too low.
US crude rose 41c at $61.86 a barrel, bringing the price well above yesterday's six-month low below $60. London Brent rose 16c to $60.96.
The rebound came after Edmund Daukoru, the Opec president, said the slide in prices was harming investment and that "something needs to be done."
He said in Abuja, Nigeria, that members of the exporters' cartel, which pumps a third of the world's oil, were already talking internally about the price fall.
Opec expects the global oil supply to be a "colossal" 1.8 million barrels per day above demand by the second quarter of next year, he added. Opec sources have said the group has no plans to call an emergency meeting ahead of its scheduled December 14 meeting in Nigeria.
US crude rose 41c at $61.86 a barrel, bringing the price well above yesterday's six-month low below $60. London Brent rose 16c to $60.96.
The rebound came after Edmund Daukoru, the Opec president, said the slide in prices was harming investment and that "something needs to be done."
He said in Abuja, Nigeria, that members of the exporters' cartel, which pumps a third of the world's oil, were already talking internally about the price fall.
Opec expects the global oil supply to be a "colossal" 1.8 million barrels per day above demand by the second quarter of next year, he added. Opec sources have said the group has no plans to call an emergency meeting ahead of its scheduled December 14 meeting in Nigeria.
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