World oil prices held above US$94 per barrel in Asia yesterday in steady trade ahead of a rare weekend OPEC summit.
In afternoon trade, New York's main futures contract, light sweet crude for December delivery, was US$0.03 higher at US$94.65 per barrel after dropping US$1.70 in New York trades on Monday.
Brent North Sea crude for December delivery was US$0.05 lower at US$91.93 per barrel after slumping US$1.20 in London.
Oil futures have pulled back from a record-breaking run that pushed them to all-time highs last week of US$98.62 in New York and US$95.19 in London.
"What really was pushing it up was speculation," said Steve Rowles, an analyst with CFC Seymour in Hong Kong.
Prices should ease further as speculative funds move into other products, with downward pressure also coming from selling ahead of the December contract's expiry on Friday, Rowles said.
He said that concerns over slowing US growth were also weighing on the market.
Researchers at Societe Generale said there have been conflicting signals from ministers in the OPEC ahead of the leaders' summit in Riyadh this weekend.
Oil ministers from Saudi Arabia and Kuwait said on Sunday that OPEC would consider the possibility of raising production if needed.
But in an interview published yesterday, Saudi minister Ali al-Nuaimi told the Financial Times that "there will be absolutely no discussion" of short-term supply this weekend.
Ministers are also scheduled to hold a special meeting on Dec. 5 in Abu Dhabi.