Oil Below $76 as OPEC Ministers Flag Steady Output

Oil prices remained below $ 76 a barrel Monday in Asia after several OPEC ministers said they expect the group to change its output levels at a meeting later this month.

The benchmark crude for January delivery gained 11 cents to $ 75.58 in late afternoon when Madrid in electronic trading on the New York Mercantile Exchange. The contract lost 99 cents to settle at $ 75.47 on Friday.

Libyan oil officials, Kuwait, Algeria and Qatar said on Saturday that the Organization of Petroleum Exporting Countries, which supplies about 35 percent of world crude, it is likely that production levels unchanged at the next policy meeting Group on 22 December.

The oil minister of Saudi Arabia, Ali Naimi said Saturday that oil prices have recovered about $ 70 for about two months, were "perfect."

Oil traders are also watching the U.S. dollar as some investors buy oil as a hedge against inflation and a weaker U.S. currency.

On Friday, crude fell to a seven-week low after the Labor Department said the unemployment rate fell to 10 percent in November from 10.2 percent a month earlier, prompting a rally in the dollar .

The euro rose to $ 1.4864 in Asian trading Monday from $ 1.4851 on Friday while the dollar fell to ¥ 89.80 to 90.25.

In other Nymex trading contracts in January heating oil rose 0.97 cent to $ 2.04 and gasoline stood at $ 1.98. Natural gas increased 11.5 cents to $ 4.70 per 1,000 cubic feet.

In London, Brent crude for January delivery rose 28 cents to $ 77.80 on the ICE Futures exchange.

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