Oil prices rose Monday in a market more concerned about possible OPEC production cuts than over North Korea's nuclear test. The market was awaiting a possible formal decision on Monday by OPEC states about its output policy. Over the weekend, reports quoted OPEC officials as saying the 11-member cartel would reduce output by about 4 percent to stem a 24 percent decline in prices since mid-July. Light, sweet crude for November delivery rose 71 cents to US$60.47 a barrel in electronic trading on the New York Mercantile Exchange. In London, November Brent gained 99 cents to trade at US$60.82 a barrel on the ICE Futures exchange. Heating oil futures gained 2.63 cents to US$1.7203 a gallon while gasoline prices rose 0.88 cent to US$1.5130 a gallon. Natural gas futures rose 14 cents to US$6.567 per 1,000 cubic feet, the Associated Press reported.
