Crude Rises On Speculation OPEC To Cut Production

Crude oil is higher in early trade Monday on speculation that OPEC will cut production 1-2m barrels/day at its next meeting which has been brought forward to Oct. 24th.

OPEC's 13 members produced 32.2 million barrels a day in September, according to a survey of analysts and producers.

China's economy grew 9 percent in the third quarter, the slowest pace in five years, underscoring concern that the spreading financial crisis threatens the biggest contributor to global growth.

Crude fell to a 14-month low of $68.57 last week on speculation that a major world recession would lead to lower consumption.

At 10am BST Dec crude was $1.49 higher at $73.62/barrel.