Oil prices climbed above $63 today on prospects that Opec would cut production again next week as global inventories remained abundant.
US crude rose 75 cents at $63.24 a barrel earlier this morning. London Brent crude traded $1.12 higher at $63.69.
A senior Opec delegate said that there was a "strong possibility" the group would trim output further when it meets next Thursday in Nigeria.
"The trend right now is to do a cut - look at the statements from all the ministers," he said. "Everybody knows that stock levels are higher than they should be."
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Opec agreed in October to reduce output by 1.2 million barrels per day from November 1st.