CORRECTED-UPDATE 4-Oil rises as OPEC weighs deeper output cuts

(Corrects headline to indicate prices rose)
* OPEC to discuss deepening cuts by 400,000 bpd - sources
* OPEC meets in Vienna Thursday, OPEC+ meets on Friday
* Global oil supplies set to rise in 2020
* Graphic on U.S. inventories: https://tmsnrt.rs/35DZd

By Ron Bousso
LONDON, Dec 5 (Reuters) - Oil prices edged higher on
Thursday ahead of an OPEC meeting where members are expected to
agree on deeper output cuts in an effort to prop up prices and
prevent a glut next year.
Sources told Reuters that OPEC was seeking to increase
production cuts by the group and its allies by Russia by more
than 400,000 barrels per day (bpd) from their current level of
1.2 million bpd. The Organization of the Petroleum Exporting Countries meets
on Thursday in Vienna followed by a meeting on Friday with
Russia and other producers. The group is known as OPEC+.
Brent crude LCOc1 futures were up 21 cents, or 0.33%, to
$63.21 a barrel at 1005 GMT. Brent surged 3.6% on Wednesday.
West Texas Intermediate (WTI) crude CLc1 futures were up 1
cents to $58.44 a barrel. They settled up 4.2% on Wednesday.
The OPEC+ group has been curbing output since 2017 to
counter surging production from the United States, now the
world's biggest oil producer thanks to a rapid growth in shale
oil output.
Next year, rising production in other non-OPEC countries
such as Brazil and Norway threatens to add to the glut.
"We expect a constructive outcome to today's meeting in
terms of a prolongation of the deal, but are not yet convinced
that a strong bullish surprise with a sizeable adjustment to the
target level will really transpire," Vienna-based consultancy
JBC Energy said in a note.
OPEC's effort to deepen cuts and increase member compliance
was also driven by the group's de facto leader Saudi Arabia's
hopes to see higher oil prices to support its budget and initial
public offering (IPO) of state-owned Saudi Aramco.
Oil prices surged on Wednesday on expectations of deeper
OPEC cuts and data showing a large drop in U.S. crude
inventories last week. But prices are still roughly where they
were a week ago, as concerns about a U.S.-Chinese trade war
persist.
U.S. President Donald Trump on Wednesday described trade
talks with China as going "very well", a day after saying it
could take until after next year's presidential election to
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CHART: Brent oil may test support at $62.61 U.S. oil may retrace to $57.37 U.S. petroleum inventories png https://tmsnrt.rs/35Hre4S
OPEC's share of global oil supply shrinks https://tmsnrt.rs/2NqmZVh
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