Oil prices held above US$62 a barrel yesterday, a day after a spike caused by OPEC's decision to maintain current production levels for now but to cut output in February.
Light sweet crude for delivery next month rose US$0.13 to US$62.64 a barrel in midafternoon Asian electronic trading on the New York Mercantile Exchange. A day earlier, prices leaped US$1.14 after OPEC's announcement.
At London's ICE Futures exchange, Brent crude for February, the new front month, changed hands at US$63.11 a barrel, up US$0.22.
Delayed cuts
The delayed cuts by the OPEC, spurred by concerns of bulging worldwide inventories and anticipated non-OPEC supply growth next year, were seen as a warning to the world's major consuming nations.
But Saudi Oil Minister Ali Naimi said the price of crude did not figure in the decision.
"What we're working toward is to rebalance the market and this decision does this," he said.
In its official statement, OPEC said it expects non-OPEC supplies to grow by 1.8 million barrels a day next year, the biggest one-year jump since 1984, and about 500,000 barrels per day more than anticipated global demand growth of 1.3 million barrels.
Window
The cartel pledged to cut production in February by half a million barrels a day.
By delaying action, OPEC left itself a window to decide against a cut should demand spike because of a colder-than-expected winter or stronger-than-expected economy.
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