Oil climbs again ahead of OPEC policy meeting

Oil climbs again ahead of OPEC policy meeting

LONDON (Reuters): Overheated oil markets roared higher on
Monday as dealers grew convinced that any OPEC supply increase
agreed at an imminent policy meeting would fail to tame runaway
prices.

London Brent crude for October had moved 61 U.S. cents higher
by midafternoon to US$32.46 a barrel -- stretching well past the
$30 mark oil consumers the world over regard as extortionate.

Dealers were hoping OPEC power Saudi Arabia would make a more
definite commitment to cool off oil prices during a meeting in
New York this week between Crown Prince Abdullah and President
Bill Clinton.

Likely to take place on Wednesday on the fringes of the United
Nations Millennium Summit, the session will touch on ways to
bring down global oil prices, a U.S. official said on Friday.

The United States, the world's biggest oil consumer, prefers
to see oil prices around $25 a barrel, a price target shared with
the kingdom.

Washington has been sounding the alarm again over rocketing
oil prices and depleted oil stockpiles.

Last month fears that U.S. heating oil supplies may fall short
this winter pushed Brent to a 10-year high of $32.80 and U.S.
crude to within $1 of a new post-Gulf War record.