Crude Oil Price - Nov 29

[dan_s]

NEW YORK (Reuters) - Oil reversed course and rose as much as 3 percent on Thursday, after industry sources said Russia had accepted the need to cut production, together with OPEC ahead of its meeting next week.

U.S. dollar index pulling back below 97 is also helping.

The Russian Energy Ministry held a meeting with the heads of domestic oil producers on Tuesday, before a gathering in Vienna of OPEC and its allies on Dec. 6-7.

"The idea at the meeting was that Russia needs to reduce. The key question is how quickly and by how much," said one source familiar with the talks between Russian oil firms and the ministry.

The market now expects that a cut of 1 million barrels per day would be possible from OPEC and its allies, said John Kilduff, partner at Again Capital in New York.