Supplies Singapore - oil price roses over $ 88 per barrel Monday in Asia, after OPEC left its unchanged gross production quota citing slowing demand and abundant.
Oil reference for January delivery rose 53 cents to $88.32 a barrel to Singapore late afternoon in electronic commerce on the New York Mercantile Exchange. The contract has lost 58 cents to settle at $87.79 Friday.
Ministers of the 12 nation organization of petroleum exporting countries said Saturday meeting in Quito (Ecuador) only one "fragile global economic recovery" and "fears of a second banking crisis in Europe" kept the agreement to increase oil production.
Many OPEC countries dependent on the sale of oil reserves in foreign currency and Government spending and are reluctant to take action to undermine the price. However, a jump in the price of the raw spark inflation and undermine economic growth globally.
"Ministers generally like the existing price," Cameron Hanover said in a report. "A few insiders have suggested a quota increase if crude oil prices break above $ 100 per barrel."
In other Nymex trading in January, contracts, heating oil reached 1.6 cents $2.47 a gallon gasoline futures added 2.5 cents to $2.33 a gallon and gas jumped 5.9 cents to $4.48 per 1,000 cubic feet.
In London, Brent crude rose 70 cents to $91.18 per barrel on the ICE Futures Exchange.
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