Money World economy
Oil prices hovered below $76 a barrel in Asia after several OPEC ministers said they don't expect their group to change production levels at a meeting later this month.
Benchmark crude for January delivery was up 20 cents to $75.67 at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract lost 99 cents to settle at $75.47 on Friday.
Top oil officials from Libya, Kuwait, Algeria and Qatar said Saturday that the Organization of the Petroleum Exporting Countries, which supplies about 35 percent of the world's crude, will likely leave output levels unchanged at the group's next policy meeting on Dec. 22.
Saudi Arabia's oil minister, Ali Naimi, said Saturday that oil prices, which have bounced around the high $70s for about two months, were "perfect."
Oil traders are also eyeing the U.S. dollar as some investors buy crude as a hedge against inflation and a weaker U.S. currency.
In London, Brent crude for January delivery rose 35 cents to $77.87 on the ICE Futures exchange.
