NEW YORK (AFP) — World oil prices rose Monday amid tight crude supplies heading into the northern hemisphere winter as traders assessed the outcome of an OPEC summit held in Saudi Arabia over the weekend.
New York's main oil futures contract, light sweet crude for January delivery, closed up 80 cents at 94.64 dollars per barrel.
In London, Brent North Sea crude for January delivery settled up 66 cents at 92.28 dollars per barrel.
"Crude futures were firmer after the OPEC meeting over the weekend in Riyadh ended without the cartel signalling any increases of oil on top of the current quota," said Sucden analyst Michael Davies.
In the run-up to the two-day summit, the Organization of the Petroleum Exporting Countries (OPEC) had been under pressure to increase supplies to help cool prices which some analysts believe could soon strike 100 dollars.
A final declaration on Sunday from the oil exporters' group urged world peace to help stabilize prices and included a commitment to help fight global warming.
OPEC, which pumps 40 percent of global crude supplies, last decided to raise output in September when the oil producers's cartel agreed to provide an extra 500,000 barrels a day to the market, effective from November 1.
However, an influential London-based research group warned that oil supplies would remain tight in the coming months.
"While benchmark oil prices have retreated from the 100-dollar threshold they threatened to break in recent weeks, the oil market is likely to remain tight over the winter months, as the additional oil works its way slowly through the supply chain," the Centre for Global Energy Studies (CGES) said.
The CGES added in a monthly market report: "Signs that the global economy may be heading for a slowdown are undermining longer-term forecasts of oil demand growth, suggesting that prices could fall sharply next year.
"The path of oil prices over the coming months will be greatly influenced by how OPEC reacts to any downward correction."
Although some OPEC ministers expressed concern that expensive crude would eventually dampen demand for oil, they indicated that blame for the near triple-figure price lay outside the cartel.
"The apparent removal of the possibility of increased supply will serve to at least underpin crude oil at these levels," Bank of Ireland analyst Paul Harris said.
"The factors that have precipitated the move to record levels remain intact."
Heating fuel demand typically peaks during winter especially in the northeast region of the United States.
Crude futures had last week slumped further from all-time highs of 98.62 dollars in New York and 95.19 dollars in London as OPEC and the International Energy Agency downgraded their forecasts for global oil demand. Prices were also hit by news of a surprise increase to US energy inventories.
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