World oil prices were higher in Asian trade today after OPEC refused to rule out further output cuts and China announced a massive stimulus package aimed at boosting domestic spending.
New York's main contract, light sweet crude for December delivery, advanced $2.13 to $63.17 a barrel. Brent North Sea crude for December delivery rose $2.14 to $59.49 a barrel.
China's four-trillion-yuan (€450 billion) stimulus package aimed at boosting its economy will mean increased demand for commodities including oil, dealers said.
The giant Asian nation is a major buyer of commodities and its thirst for oil imports to fuel its runaway economic growth in recent years was a key factor behind the surge in crude prices to record levels above $147 in July.
Meanwhile, OPEC president Chakib Khelil indicated over the weekend another round of production cuts may occur if oil prices remained below the cartel's preferred range of $70-90 a barrel.
The Organisation of the Petroleum Exporting Countries (OPEC), which pumps more than 40% of the world's crude, announced in October that its daily output will be cut by 1.5 million barrels to 27.3 million barrels from November.
The production cuts were aimed at shoring up prices which had fallen sharply from July's highs on fears energy demand would be hit by slowing economic growth.
OPEC's next meeting is scheduled to take place in Oran, Algeria, on December 17. Before that, OPEC's Arab members will meet in Cairo on November 29, said Khelil.
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