LONDON, Nov 17: Oil prices rose slightly on Monday as the Organisation of Petroleum Exporting Countries (Opec) said it was ready to intervene on a regular basis to help prop up the market.

Oil prices have plunged almost two-thirds since striking record highs of above $147 as a global economic slowdown dents world energy demand.

In Monday trade, light sweet crude for delivery in December rose 15 cents to $57.19 a barrel on the New York Mercantile Exchange (NYMEX).

Brent North Sea crude for January nudged up one cent to $54.25 in London on the InterContinental Exchange (ICE).

Prices in London last week slumped to three-and-a-half-year lows close to $50, prompting the Opec exporters’ cartel to call an emergency meeting to discuss a mooted output reduction.

Meanwhile, on Monday in its latest monthly report, Opec said that “closer monitoring and more frequent intervention are required.”

The oil cartel is to hold an extraordinary meeting on November 29 in Cairo amid speculation that member nations will agree to cut output again in a bid to boost plunging oil prices.

Opec agreed on October 24 to reduce production by 1.5 million barrels per day from November 1, but prices have since continued to slide.

Brent tumbled to $50.60 last Thursday, the lowest level since May 2005, while the New York contract struck a January 2007 low of $54.67.

In Iran, Opec’s number two oil producer, state television reported on Saturday that the country favours the cartel reducing crude production by a further 1-1.5 million barrels a day.

On Monday, the oil market was digesting news that Japan’s economy, the second largest in the world, slipped into recession in the third quarter as companies slashed investment to weather the financial crisis.

“Demand for energy looks poor because of severe contractions in economic activity worldwide,” said Cameron Hanover analyst Peter Beutel.—AFP