"Concern over colder weather forecasts in Europe and the US has pushed oil prices back up close to $60/bbl for WTI front month despite further assurances from OPEC that it will maintain production at high level,"

Kevin Norrish, energy analyst at Barclays Capital, said in report. "Concern over cold weather plus an increasingly positive demand picture for US gasoline demand, suggests that there could be further short-covering to come."

See more industry/OPEC viewpoints at http://www.platts.com/Oil/Resources/Quote%20of%20the%20Day/