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Oil above $60 ahead of Opec deal Oil above $60 ahead of Opec deal
(about 1 hour later)
Oil continued to rally on Tuesday as prices breached the $60-a-barrel mark in Asian trading.Oil continued to rally on Tuesday as prices breached the $60-a-barrel mark in Asian trading.
US light crude for November delivery rose 25 cents to $60.19 a barrel, continuing a recovery from the 2006 low of $57.22 it touched last week.US light crude for November delivery rose 25 cents to $60.19 a barrel, continuing a recovery from the 2006 low of $57.22 it touched last week.
The gains come as member nations of oil-producing cartel Opec prepare to meet in Qatar later this week to discuss a long-awaited cut in output.The gains come as member nations of oil-producing cartel Opec prepare to meet in Qatar later this week to discuss a long-awaited cut in output.
The closure of a Norwegian oil platform also has boosted prices. The closure of a Norwegian oil platform has also boosted prices.
Norwegian oil group Statoil, forced to close its 200,000 barrel per day Snorre A platform last week over lifeboat safety concerns, has not been allowed to resume production there yet.Norwegian oil group Statoil, forced to close its 200,000 barrel per day Snorre A platform last week over lifeboat safety concerns, has not been allowed to resume production there yet.
Oil prices have been falling in recent weeks due to a surplus of oil stocks, coupled with a reduction in Middle East tensions that had pushed prices to more than $78 in mid-July when the conflict between Hezbollah and Israel intensified.Oil prices have been falling in recent weeks due to a surplus of oil stocks, coupled with a reduction in Middle East tensions that had pushed prices to more than $78 in mid-July when the conflict between Hezbollah and Israel intensified.
Prices dipped to $57.22 on 12 October, the lowest level since December 2005. Opec's failure to agree on an output cut also kept prices down.Prices dipped to $57.22 on 12 October, the lowest level since December 2005. Opec's failure to agree on an output cut also kept prices down.
Although agreeing the principle of a one million barrel per day output cut, a hold-up over how and when to implement the cut has held up a formal deal, which looks set to be resolved when countries meet on Thursday. Although agreeing the principle of a million barrel per day output cut, a hold-up over how and when to implement the cut has held up a formal deal, which looks set to be resolved when the group's 11 members meet on Thursday.