Oil and the other energy commodities moved lower in late morning Thursday trading despite reports that the Organization of Petroleum Exporting Countries, commonly known as OPEC, is considering another emergency meeting to cut oil production.

Traders are also dealing with an important International Energy Agency report that its cut global oil demand forecast by the most in more than a decade, and a bearish oil inventory report from the U.S. Department of Energy.

Oil Markets

December oil futures were up $1.04, or 1.89%, to $57.16 a barrel as of 11 a.m. in New York.

This comes after several news reports said OPEC ministers may meet before its regularly-scheduled meeting in December. The report comes from Bloomberg News, among others.

OPEC held an emergency meeting several weeks ago where the oil cartel cut drastically cut production to help stop oil’s price from plummeting.

According to Bloomberg, OPEC ministers are considering making a Nov. 29 summit in Cairo, Egypt, into a full meeting, where ministers can make oil production decisions.

The decision to cut production comes after the IEA cut its 2009 oil demand estimate by 670,000 barrels a day, or 0.8%, to 86.7 million barrels, it said in a report released Thursday. The agency cited weaker economic demand in both the developed and developing world as a reason to cut their forecast. The IEA’s cut was the largest made by the agency since 1996.

Oil traders are also reacting to a fairly bearish oil inventory report from the U.S. Department of Energy.

The Department said U.S. crude stocks rose by 22,000 barrels to 312 million barrels, while gasoline stocks rose by 1.982 million barrels to 198.01 million barrels.

The crude build was smaller than expected by analysts interviewed by Platts, a subdivision of McGraw-Hill. However, the gasoline build was higher than expected.

Other Commodities

Wholesale heating oil, which is used to heat the homes of millions of Americans primarily in the Northeast, fell by 1.5 cents to $1.8208 a barrel.

Wholesale gasoline, often called New York Harbor RBOB gasoline, fell by 1.127 cents to $1.2334 a barrel in electronic based trading.

Natural Gas declined by 10.2 cents to $6.452 per million British Thermal Units.

Gold was lower by $4.10, or 0.56%, to $714.50 an ounce, while wholesale silver was unchanged at $9.480 an ounce.