Oil prices rally after OPEC summit

LONDON: World oil prices extended gains on Monday amid tight crude supplies heading into the northern hemisphere winter, traders said.
    
New York's main contract, light sweet crude for January delivery, climbed 72 cents to USD 94.56 per barrel. The
December contract expired Friday, closing USD 1.67 higher at USD 95.10.
    
In London, Brent North Sea crude for January delivery gained 48 cents to USD 92.10 per barrel.
    
The oil market was digesting the outcome of an OPEC summit over the weekend.
    
A final declaration yesterday from the oil exporters' group urged world peace to help stabilise prices and included a commitment to help fight global warming.
    
In the run-up to the two-day summit, the Organization of Petroleum Exporting Countries had been under pressure to increase supplies to help cool prices which recently reached record heights close to USD 100 a barrel.
    
The powerful OPEC cartel pumps about 40 per cent of global crude supplies.