Oil Prices Inched Up

Oil prices gained slightly Monday as fresh comments from key OPEC members over the weekend suggested the oil cartel would push for further cuts in output at its next meeting later this month.

Light, sweet crude for January delivery rose 2 cents to $63.45 a barrel on the New York Mercantile Exchange midmorning in Singapore.

The contract on Friday rose 30 cents to settle at $63.43 a barrel on expectations of higher fuel demand as blustery weather moved across the United States.

OPEC is expected to address the need to sharply accelerate oil production cuts they have implemented to stem an oversupply, seen mainly in the bulging inventories of the wealthiest industrialized nations.