NYMEX crude higher in Asia as attention shifts to OPEC meeting

Investing.com - Crude oil prices inched higher in Asia on Monday with the focus on an upcoming OPEC meeting early next month. On the New York Mercantile Exchange, crude oil for delivery in January rose 0.24% to $41.58 a barrel. In the week ahead, market players will focus on a flurry of U.S. economic data due on Wednesday for further indications on the strength of the economy and the likelihood of a December rate hike. U.S. markets will be closed Thursday for the Thanksgiving holiday and Friday will be a half day. On Monday, markets in Japan are shut for a holiday. The euro zone is to release survey data on manufacturing and service sector activity. Germany and France are also to release individual reports.The U.S. is to release private sector data on existing home sales. Last week, oil prices swung between gains and losses in choppy volatile trade on Friday, as investors reacted to the expiration of the December West Texas Intermediate oil contract. Industry research group Baker Hughes (N:BHI) said late Friday that the number of rigs drilling for oil in the U.S. decreased by 10 last week to 564. A lower U.S. rig count is usually a bullish sign for oil as it signals potentially lower production in the future. Gains were limited amid lingering concerns over a domestic supply glut. U.S. crude inventories rose for the eighth consecutive week last week, remaining near levels not seen for this time of year in at least the last 80 years. Elsewhere, on the ICE Futures Exchange in London, Brent oil for January delivery tacked on 48 cents, or 1.09%, to close the week at $44.66 a barrel on Friday. It earlier rallied to a session high of $45.50 on pre-weekend short-covering. The oil market has been on the defensive in recent months amid uncertainty about how quickly the global glut of crude is set to shrink. Global oil production is outpacing demand following a boom in U.S. shale oil production and after a decision by the OPEClast year not to cut production. OPEC will meet on December 4 to review their output strategy. Saudi Arabia and other Gulf OPEC members have recently indicated they will continue to stick to their policy of defending market share by keeping production high.