Oil rises above $51, focus on possible OPEC cut

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LONDON (Reuters) - Oil rose by almost $2 a barrel on Monday as investors considered the prospect of a further OPEC supply cut and as stock markets rallied following the U.S. government rescue of U.S. bank Citigroup.

Venezuela said on Sunday the Organization of the Petroleum Exporting Countries should cut supply further, while Iran made similar remarks on Monday. OPEC oil ministers meet for informal talks in Cairo on November 29.

"The demand scenario suggests we need another cut. But at the end of the day, there is a certain skepticism in the marketplace that OPEC is going to deliver at this weekend's meeting," Rob Laughlin, broker at MF Global, said.

U.S. crude rose $1.72 to $51.65 by 7:10 a.m. EST. The contract had dipped to a 3-1/2-year low of $48.25 on Friday. Brent crude

was up $1.53 at $50.72.

The U.S. government's bailout plan for Citigroup Inc, its biggest rescue of a bank yet, boosted equities and supported some commodities.

Rising equities and increased demand for winter heating fuel should bolster oil, some traders said. The UK's FTSE 100 index of top shares gained almost 5 percent.

"The FTSE is up so that should provide support, as should the colder weather," said Christopher Bellew, a broker at Bache Commodities. "All the considerable amount of bearish data may finally be priced in."

(Reporting by Alex Lawler in London and Fayen Wong in Perth; Editing by James Jukwey)

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