Oil prices edged lower on Monday as the OPEC oil cartel debated whether it should raise production to cool strong prices and speculative funds took further profits from a strong market run-up. Brent December crude in London was down 17 cents at $28.41 a barrel, while New York crude, was down 20 cents at $29.96 per barrel. Oil ministers of the Gulf Cooperation Council (GCC) meeting on November 3 in Doha, may recommend whether or not OPEC should take action to deflate prices, which have been above the cartel’s target range for over two weeks, industry sources said. OPEC members Saudi Arabia, Kuwait, Qatar and the United Arab Emirates are all in the GCC, which in the past has made recommendations on production policy to OPEC. Qatari Oil Minister Abdullah al-Attiyah, current OPEC president, will host the meeting.
