Oil prices moved above $53 a barrel on Monday, after talk that oil producing cartel Opec could cut output soon
Oil prices moved above $53 a barrel on Monday, after Algerian energy minister Chakib Khelil said Opec might hold an emergency meeting on falling prices.
Venezuela and Iran are two key Opec members that are in favour of a cut.
In morning Asian trade light sweet crude for February delivery rose 36 cents to $53.35. And Brent crude for February was up 14 cents to $53.09.