Oil above $59
Reuters, London
Oil was steady above $59 on Wednesday on the possibility of a deeper cut in supply from Opec in December.U.S. crude was up 20 cents to $59.13 a barrel by 0929 GMT. London Brent crude was up 19 cents at $58.67. The world's largest oil exporter Saudi Arabia and some other members of the Organization of the Petroleum Exporting Countries said that the oil market remains oversupplied despite a cut that took effect on November 1. Opec members were concerned about high inventories in the United States and other consuming nations rather than the price of oil, said Saudi Arabia's oil minister Ali al-Naimi.
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