* Cold U.S. weather, weaker dollar supports oil
* Eyes on Copenhagen, doubts over major emissions deal
* OPEC won't change output-OPEC president, Saudi minister
(Updates throughout, previous SINGAPORE)
By Joe Brock
LONDON, Dec 18 (Reuters) - Oil rose above $73 a barrel on
Friday, supported by the prospect of increased winter demand as
a cold snap gripped the U.S. Northeast and by a weaker dollar.
The dollar <.DXY> fell from a more than three-month high on
Friday, underpinning oil's gains. A weaker dollar makes
commodities like oil cheaper for those holding alternative
currencies.
U.S. crude for January delivery <CLc1> rose 62 cents to
$73.27 a barrel by 0952 GMT. London Brent crude <LCOc1> was up
37 cents at $73.74.
"Firstly, the weaker dollar is supportive today," said Eugen
Weinberg, oil analyst at Commerzbank in Frankfurt.
"The U.S. weather is having an impact as well, especially on
natural gas where yesterday stocks fell more-than-expected and
it is also helping oil prices."
U.S. natural gas inventories fell for just the second time
this winter season, down 207 billion cubic feet, according to
the U.S. Energy Information Administration. []
U.S. President Barack Obama joined other world leaders in a
last push for a new global climate deal on Friday, but with no
agreement on the core issue of greenhouse gas emissions they
faced an enormous task.
"If there is no strong binding agreement the market might
take it as a signal that fossil fuel demand will remain as it
is, which helps prices," Weinberg said.
The Organization of the Petroleum Exporting Countries (OPEC)
will not change output targets when it meets in Angola on Dec.
22, the group's president said on Friday. []
"Oil prices are trading at $70 to $75 per barrel which is
the level our group has defended. I believe we will maintain the
decisions that were taken in the past about output quotas and
keep targets unchanged," Jose Botelho de Vasconcelos told
Angolan Radio Ecclesia.
That view was echoed by the group's most influential oil
minister, Saudi Arabia's Ali al-Naimi, in comments published on
Friday.
"The (meeting) will not lead to any change in production,"
Saudi-owned al-Hayat quoted Naimi as saying. "The current price
is wanted by all. We are not alone in wanting it, but also those
with alternatives and oil difficult to extract.
"And the oil price of $75 to $80 is something we all want,"
Naimi told the newspaper in Copenhagen, where he was attending
the climate summit.
(Additional reporting by Jennifer Tan in SINGAPORE; Editing
by William Hardy)
