* U.S. crude rises above $62 a barrel
* Weaker dollar supports
(Recasts, adds analyst comment, updates prices, previous PERTH)
LONDON, Nov 7 (Reuters) - Oil rose above $62 a barrel on
Friday, as a weaker dollar helped support prices that had fallen
to 20-month lows in the previous session on gloom about the
outlook for world economic growth.
U.S. crude for December delivery <CLc1> was up $1.33 at
$62.10 a barrel by 1027 GMT.
London Brent Crude <LCOc1> was up $1.27 at $58.70 a barrel.
"The pullback in the U.S. dollar is a key driver for oil's
gains," said Toby Hassall, chief analyst at Commodities Warrants
Australia in Sydney.
"But a weak global demand outlook will continue to be the
primary driver in oil market." []
Oil fell below $60 a barrel for the first time since March
2007 on Thursday, depressed by dismal projections for economic
growth in the world economy next year.
The International Monetary Fund has predicted 2009 global
economic growth of 2.2 percent, down 0.8 percentage points from
its October forecast.
Deutsche Bank was more pessimistic.
"The DB forecast for 2009, at 1.2 percent GDP growth, is
even lower than the IMF - based on a lower assessment for
China," the bank said in a research note.
"In our view, as economic forecasts fall, consensus oil
price forecasts will follow a similar pattern of deterioration."
Deutsche Bank's current forecast is for $60 a barrel in
2009.
Oil's steep slide from a peak of more than $147 a barrel in
July has already spurred OPEC to rein in supply from November 1.
Some members of the Organization of the Petroleum Exporting
Countries want to cut more.
Venezuela's oil minister Rafael Ramirez has said OPEC should
act again. "We say (a new cut should be) at least a million," he
told Reuters on Thursday. []
But Shokri Ghanem, Libya's top oil official, said the group
was not actively considering cutting output again. []
OPEC is due to meet next on December 17.
Some analysts believe the market's precipitous fall since
July might have been overdone.
"Despite all of the evidence of weak demand and ample
stocks, we think the current valuation reflects a lack of
appreciation for the adjustments being made on the supply side
of the market," said Tim Evans at Citi Futures Perspective.
All markets will look to U.S. economic indicators due later
on Friday, including government data on October unemployment
data and September wholesale inventories, to gauge how the
world's largest economy is faring.
(Reporting by Jane Merriman in London and Fayen Wong in
Perth)
