Accuweather.com is calling for wintry U.S. weather in the West to gradually move to the East. On Monday, oil prices were lifted by more than $1 a barrel after an attack on an Iraqi oil facility and comments from Saudi Arabia's oil minister suggesting further production cuts by the Organization of Petroleum Exporting Countries, which meets in Nigeria next month.
Light, sweet crude for January delivery rose 60 cents to $60.92 a barrel on the New York Mercantile Exchange. January Brent crude at London's ICE Futures exchange rose 58 cents to $61.02 a barrel.
Nymex heating oil futures gained 1.12 cent to $1.7164 per gallon, unleaded gasoline fell less than a penny to $1.59 a gallon and natural gas futures rose 21.1 cents to $8.209 per 1,000 cubic feet.
Natural gas futures reversed three days of losses Monday on forecasts calling for colder weather across the U.S. over the next two weeks.
London-based newspaper Al-Hayat reported Monday that Saudi Oil Minister Ali al-Naimi had indicated that OPEC would evaluate the effect of October's decision to cut output when it meets next month in Abuja, Nigeria, and if necessary authorize another cut.
"We think that as the meeting's date closes in, the cartel will close ranks and coalesce around a position of supporting a cut," said Edward Meir at Man Financial. "If members leave the meeting without cutting, prices could sink even further."
Oil prices have fallen by about 23 percent since hitting an all-time trading high above $78 a barrel in mid-July. They haven't settled above $62 a barrel since Oct. 1, despite the OPEC's announcement in mid-October that it would reduce output by 1.2 million barrels a day.
Skepticism that OPEC members are committed to production cuts, as well as milder-than-normal U.S. temperatures this fall, have moderated prices.
