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REFILE-Oil rises on signs recent low prices crimping US output; but economic worries weigh

(Refiles to insert missing number "11" in 4th paragraph)

* Brent, WTI hover near lowest levels since Q3 2017

* OPEC+ to meet again if cuts not enough -UAE minister

By Jane Chung

SEOUL, Dec 24 (Reuters) - Oil markets rose on Monday onsigns that the recent price plunge may start crimping supplyfrom the United States, currently the world's biggest crudeproducer, though concerns about the global economy continued toweigh.

International benchmark Brent crude LCOc1 futures hadrisen 30 cents, or 0.56 percent, to $54.12 a barrel by 0744 GMT,at one point climbing as far as $54.66.

U.S. West Texas Intermediate (WTI) crude futures CLc1 wereup 15 cents, or 0.33 percent, at $45.74 a barrel. They earlierclimbed as high as $46.24.

Crude prices rebounded from sharp declines last week. Brentfell 11 percent for the week, dropping to its lowest sinceSeptember 2017 on Friday, while WTI also lost 11 percent lastweek, its worst weekly performance since January 2016.

Both benchmarks are down more than 35 percent from theirrecent peaks in early October.

The price plunge has caused U.S. shale oil producers tocurtail drilling plans for next year.

The boom in U.S. shale output has boosted the country intothe top producer spot over traditional suppliers Saudi Arabiaand Russia. The industry is at the centre of U.S. PresidentDonald Trump's calls to boost the country's energy independence.

"In the short-term, it doesn't seem oil prices would dropfurther because WTI has broken the $50 resistance level and U.S.President Trump would not want to see WTI falling further tosupport U.S. shale industry," said Kim Kwang-rae, a commodityanalyst at Samsung Futures in Seoul.

Still, the macroeconomic picture and its impact on oildemand continue to pressure prices. Global equity markets haveplunged amid concerns of slowing trade flows, especially withthe trade war between the U.S. and China, the world's twobiggest economies.

Equity markets in Asia were moderately higher on Monday,though trading was limited because of the Christmas holiday onDec. 25.

Furthermore, even with the signs of slowing U.S. supply,global production remains in excess of demand.

The Organization of Petroleum Exporting Countries (OPEC) andRussia agreed earlier this month to cut oil production by 1.2million barrels per day (bpd) starting in January to address thesupply issues.

Should that not be enough to balance the market, OPEC andits allies will hold an extraordinary meeting, the United ArabEmirate's energy minister Suhail al-Mazrouei said on Sunday.

"Oil ministers are already taking to the airwaves with a'price stability at all cost' mantra," said Stephen Innes, headof trading for Asia-Pacific at futures brokerage Oanda inSingapore.

Mazrouei said a joint OPEC and non-OPEC monitoring committeewould meet in Baku, Azerbaijan in late February or early March.

Adding to concerns about oversupply, the number of activeU.S. rigs for drilling oil rose by 10 in the week ended Dec. 21to 883, according to a report by General Electric Co'sGE.N Baker Hughes energy services firm.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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