"Oil Stays Above $91 as OPEC Signals No Output Hike"

"SINGAPORE -- Oil prices hovered above $91 a barrel Monday in Asia as some OPEC ministers signaled the group doesn't plan to boost output to cool the recent jump in crude.

Benchmark oil for February delivery fell 17 cents to $91.34 a barrel midday Singapore time in electronic trading on the New York Mercantile Exchange.

On Thursday, the contract rose $1.03 to settle at $91.51, the highest level since October 2008. Global oil markets were closed Friday for the Christmas holiday.

Arab members of the Organization of Petroleum Exporting Countries said at a meeting in Cairo over the weekend that the full group would likely not meet until June to discuss production quota policy. OPEC, which accounts for about 40 percent of global crude output, left quotas unchanged at a meeting earlier this month."

The Associated Press had the story December 27, 2010.

SEE ALSO:

"OPEC Output up Slightly in Dec: Reuters Survey" (Reuters)

"OPEC Caught Lying" (Energy & Capital)

"Is OPEC's Oil Much Worse Than China's Rare Earth Metals?" (Atlantic)

"Oil Prices Higher, China Raises Interest Rates" (Reuters)