Crude oil was slightly up Wednesday, with all eyes focused on the outcome of the Organization of the Petroleum Exporting Countries’ meeting in Vienna this week. “The market remains volatile in the run-up to OPEC’s meeting,” said Commerzbank in a note to clients. The group could decide to cut production, thereby tightening a market that has been oversupplied–resulting in falling prices–since midsummer. But it will also need to look longer-term, said David Hufton and Tamas Varga at PVM. “The problem facing OPEC is structural, not temporary. Western governments are determined to cut the growth in fossil fuel demand and they are determined to promote climate friendly alternatives which all comes in addition to the growth in conventional and unconventional oil supply. Cutting production will not solve the problem,” they said in a note to clients. Brent crude for January delivery was up 50 cents at $78.81 […]