LONDON (Reuters) - Oil rose above $48 a barrel on Friday ahead of OPEC's Sunday meeting in Vienna, after two volatile days of trade this week.
The producer group gathers in the Austrian capital this weekend to discuss its output policy and perhaps adjust the 4.2 million barrels per day cut it implemented last September in reaction to the depth and speed of the global financial crisis.
"OPEC has done everything they can to set the market up for some kind of cut to try and push the price a bit higher," said Simon Wardell, director of global oil analysis and forecasting at IHS Global Insight.
"But it might be that what we get in Vienna is talk of implementing full compliance of previous cuts before we get to the next one, to try and give the hard pressed economy of the world a respite," he said
Oil has hovered between $33 and $50 since the beginning of the year after OPEC implemented and began showing compliance to output cuts put in place to arrest its slide off last July's peak above $147 a barrel.
U.S. light crude for April delivery rose 99 cents to $48.02 a barrel by 1220 GMT (8:20 a.m. EDT), having jumped $4.70 on Thursday to settle at $47.03 and erasing the previous two sessions' losses.
London Brent crude rose 61 cents at $45.70. more...
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