Oil prices rise to $60.66 a barrel
Light, sweet crude for January delivery rose 34 cents to $60.66 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe. January Brent crude at London's ICE Futures exchange rose 52 cents to $60.96 a barrel.
A day earlier, prices rose more than $1 a barrel after an attack on an oil facility in Iraq, which shut the flow of crude oil to a major refinery.
In other Nymex trading, heating oil gained 0.73 cent to $1.7125 per gallon, unleaded gasoline fell 0.37 cent to $1.5900 a gallon and natural gas rose 6.8 cents to $8.066 per 1,000 cubic feet.
Natural gas futures reversed three days of losses Monday on forecasts calling for colder weather across the U.S. over the next two weeks.
London-based newspaper Al-Hayat reported Monday that Saudi Oil Minister Ali al-Naimi had indicated the Organization of Petroleum Exporting Countries would evaluate the effect of October's decision to cut output when it meets next month in Abuja, Nigeria, and if necessary authorize another cut. "We think that as the meeting's date closes in, the cartel will close ranks and coalesce around a position of supporting a cut," said Edward Meir at Man Financial. "If members leave the meeting without cutting, prices could sink even further."
Oil prices have fallen by about 23 percent since hitting an all-time trading high above $78 a barrel in mid-July. They haven't settled above $62 a barrel since Oct. 1, despite the OPEC's announcement in mid-October that it would reduce output by 1.2 million barrels a day.
Skepticism that OPEC members are committed to production cuts, as well as milder-than-normal U.S. temperatures this fall, has moderated prices.