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UPDATE 4-Oil jumps more than 1 pct on outage in North Sea, expected OPEC supply cuts

* N. Sea Buzzard oilfield shut due to pipe corrosion

* Emerging glut has pulled crude down 30 pct since Oct

* OPEC expected to agree supply cuts next week

* World trade slowing down in Q4 - WTO (Re-casts, updates prices)

By Henning Gloystein

SINGAPORE, Nov 28  - Oil prices rose by more than 1 percent on Wednesday, pushed up by a North Sea production outage and expectations in the market that OPEC will next week decide to implement some form of supply cut to counter an emerging glut.U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $52.36 per barrel at 0748 GMT, up 80 cents, or 1.6 percent from their last settlement.

International Brent crude oil futures LCOc1 were up 89 cents, or 1.5 percent, at $61.10 per barrel.The Buzzard oilfield, which pumps about 150,000 barrels per day (bpd) has closed temporarily after the discovery of pipe corrosion. As a result, trade sources said three cargoes due to load in December had been cancelled. shutdown...is reducing supply of a North Sea crude that helps set global prices," said Sukrit Vijayakar, director of energy consultancy Trifecta, referring to Buzzards's role in the settlement of Brent futures.

Despite Wednesday's rise, oil prices have still lost around 30 percent in value since early October, weighed down by an emerging supply overhang and by widespread weakness in financial markets. crude oil price slump since October is so far on par with the 2008 price crash and steeper than that of 2014/2015.The Organization of the Petroleum Exporting Countries (OPEC) will meet at its headquarters in Vienna, Austria, on Dec. 6 to discuss output policy.

The OPEC-meeting will follow a gathering by the Group of 20 (G20) nations, which includes the world's biggest economies, in Argentina this weekend, at which the Sino-American trade dispute as well as oil policy are expected to be discussed.While most analysts expect some form of supply cut from the OPEC meeting, sentiment in oil markets remains negative.

A concern to global markets is a slowdown in global trade as a result of the Sino-American trade dispute, swelling debt and a strong dollar that puts pressure on emerging markets. World Trade Organization (WTO) said in its latest outlook, published on Tuesday, that "trade growth is likely to slow further into the fourth quarter of 2018", with growth likely at its slowest since Oct. 2016.