NEW YORK (MarketWatch) -- Oil futures extended their rally Thursday on rising expectations that the Organization of Petroleum Exporting Countries will cut production at its meeting next week. Crude oil for January delivery rose $2.07, or 5%, to $45.56 a barrel in electronic trading on Globex. Oil prices soared over 3% on Wednesday. "Currently, there appears to be no sign of the deteriorating demand outlook bottoming out so one of the main factors supporting prices at the moment is market expectations of a large OPEC cut next week," said Nimit Khamar, an analyst at Sucden Research, in a note. "In our opinion, if OPEC fails to meet these expectations, then oil prices could test recent lows once again."
