World oil prices rallied today amid tight crude supplies heading into the northern hemisphere winter.
New York light sweet crude for January delivery climbed 32 cents to $94.16 per barrel. The December contract expired Friday.
In London, Brent North Sea crude for January delivery gained 15 cents to $91.77 per barrel.
OPEC heads of state met in Riyadh over the weekend for a rare summit but they indicated no plans to raise the cartel's crude production, which provide about 40% of world oil, despite pressure from the US, the world's biggest energy user.
Analysts said that any output hike would have limited impact in any case given that the northern winter hemisphere is fast approaching. Heating fuel demand typically peaks during winter especially in the US northeast region.
