By Amanda Cooper
LONDON (Reuters) - Oil rose on Wednesday ahead of a meeting of the world's biggest exporters who will discuss cutting output to help shore up prices and curb excess supply.
Organization of the Petroleum Exporting Countries, Russia and other producers meet in Vienna this week to discuss a potential cut in production, although it faces pressure from U.S. President Donald Trump not to reduce output.
OPEC is keen to avert the kind of build-up in global oil inventories that sent prices tumbling for more than a year and a half from late 2014. At the start of 2016, benchmark Brent was trading below $30 a barrel.
Brent crude futures were last up 16 cents on the day at $62.24 a barrel by 1500 GMT, but above a session low of $60.80, while U.S. futures were up 19 cents at $53.44.
Brent is still well below a peak in October above $86.
Saudi Arabia produced a record 11.3 million barrels per day (bpd) of crude in November, according to a source familiar with the matter.
That marks a rise from October's 10.65 million bpd, which, if confirmed, would mark the second-largest monthly increase since Reuters records began in 1997.
"OPEC's will-they-or-won't-they antics are keeping market players on the edge of their seats," PVM Oil Associates said in a note. "There is a general consensus that the Saudis will have their work cut out to get Russia to significantly trim supply."
An eleventh consecutive weekly build in U.S. crude inventories, the world's largest, has added to pressure on the prices.
Asian gasoline refining margins have fallen to their lowest in seven years, as have European margins, meaning that processing it has become a loss-making business, a worry for both oil investors and producers
(Additional reporting by Henning Gloystein in SINGAPORE; Editing by David Evans and Edmund Blair)
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)