Crude oil went up yesterday as investors predicted that the OPEC will almost certainly decide to cut crude output at an emergent meeting later this week.

Light, sweet crude for November delivery rose US$2.40 to settle at US$74.25 a barrel on the New York Mercantile Exchange. The futures rose as high as US$76.12 a barrel during the trading.

Crude mainly gained on OPEC's decision of production cut. OPEC President Chakib Khelil said Sunday the organization plans to announce a "substantial" output cut at the meeting held on Friday in Vienna.

Khelil said OPEC may cut output again at a meeting in December. He said OPEC believes the world oil market is oversupplied by about 2 million barrels a day.

In London, Brent crude for November delivery rose US$2.46 to US$72.06 on the ICE Futures Exchange.

Crude has lost about 50 percent from its record high of US$147.27 a barrel reached on July 11.