LONDON, Dec 2: Oil prices rose slightly on Tuesday on bargain-hunting, having slumped to near four-year lows at $46 earlier in the day on concerns over weak energy demand.

Brent North Sea crude for delivery in January hit $46.02 -- the lowest point since February 18, 2005 -- but then recovered to $48.50 a barrel, up 53 cents from the close Monday when the contract had plunged $5.52.

New York light sweet crude for January fell to as low as $47.36 for its lowest level since May 2005 and followed a dive of $5.15 on Monday. Later on Tuesday, New York light sweet crude was up 45 cents at $49.73.

“I think it’s the same-old, same-old (reason) -- consumption softening,” said David Moore, a commodities strategist with the Commonwealth Bank of Australia.

“The data out of the US and other countries support the view that consumption has softened.”

Oil prices fell sharply on Monday after Opec decided at a weekend meeting against cutting production, preferring to wait until December before reducing crude exports. The cartel’s secretary general Abdalla Salem El-Badri said on Monday that Opec would decide on a “major” output cut next month if the oil market were deemed to be deteriorating. “Opec’s attempt to talk prices up by announcing a production cut for the regular summit on Dec 17 in Algeria and by stating that $75 a barrel would be a fair price, has failed miserably,” said Dresdner Kleinwort analyst.—AFP