| GEO Business|
| Oil prices higher in Asian trade|
| Updated at: 1032 PST, Monday, December 15, 2008|
SINGAPORE: World oil prices rebounded in Asian trade Monday on expectations that OPEC will cut its production targets at a meeting this week, dealers said.
New York's main contract, light sweet crude for January delivery, gained 1.15 dollars to 47.43 dollars a barrel after closing Friday 1.70 dollars down at 46.28 dollars.
Brent North Sea crude for January delivery rose 84 cents to 47.25 dollars a barrel. The contract closed Friday 98 cents lower at 46.41 dollars.