Oil prices up before Opec meeting

Analysts think Opec might cut output at its next meeting

Oil prices have risen, buoyed by Opec's decision to bring forward its emergency meeting by three weeks to next week.

Analysts expect the oil exporters' cartel to cut its output at next week's meeting, which would boost prices.

US sweet crude oil climbed $2 to settle at $71.85 a barrel in New York after losing more than $4 on Thursday.

London Brent crude added $1.76 to settle at $69.60 a barrel. But oil prices remain far below the peak of more than $147 seen in July.

Demand dip

The main reason for the fall since then has been a global economic slowdown, which has dented demand.

"Oil is dependent on strength in the economy but in order to have a sustainable rally we need to have proof that it has really improved or at least is not collapsing," said Thomas Stevoll, an energy strategist at UBS.

Adbullah al-Attiyah, Qatar's oil minister, said he thought Opec would reduce its daily output by one million barrels.

However, Odein Ajumogobia, Nigeria's oil minister, said no specific decisions had been made about the meeting.