Oil Rises to Above $46LONDON (Reuters) - Oil rose more than 1 percent to above $46 a barrel on Monday on speculation OPEC may agree to cut production further at a meeting this weekend.
OPEC Secretary General Abdullah al-Badri said on Monday the 12-member producer group would consider reducing output again at its March 15 meeting as it tries to counter downward pressure on oil prices from falling demand.
"All options are on the table," he told reporters in Qatar when asked if OPEC, which pumps more than a third of the world's oil, would announce another reduction in supply at its meeting in Vienna.
The severe downturn in the global economy over the last year has reduced world energy consumption sharply and oil prices have tumbled from a peak of almost $150 a barrel in July.
U.S. crude for April delivery was up $1.10 at $46.62 per barrel by 1011 GMT (6:11 a.m. EDT), after hitting an earlier high of $47.03.