Global oil prices eased Monday in Asian trade, first day after the Christmas holiday, despite OPEC said it would not increase output quotas.
Light sweet crude for February delivery was seen trading at $91.29 a barrel at 12.30 p.m Singapore time while Brent crude was at $94.11 a barrel on the ICE Futures exchange in London.
In other Nymex trading in January contracts, heating oil was steady at $2.54 a gallon, gasoline futures fell 0.77 cent to $2.43 a gallon and natural gas dropped 5.3 cents to $4.03 per 1,000 cubic feet.
However, oil's decline was limited by the first widespread blizzard of the season in the northeastern United States, the world's top heating oil market.
Analysts said black gold took advantage after some OPEC ministers signaled the group doesn't plan to boost output to cool the recent jump in crude.
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.
Uncertainty over Chinese fuel demand growth following a Christmas Day interest rate hike that overshadowed a cold snap in the US Northeast also affected oil prices, they added.
On Saturday for the second time in just over two months as it stepped up its battle to rein in stubbornly high inflation.
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.
Light sweet crude for February delivery was seen trading at $91.29 a barrel at 12.30 p.m Singapore time while Brent crude was at $94.11 a barrel on the ICE Futures exchange in London.
In other Nymex trading in January contracts, heating oil was steady at $2.54 a gallon, gasoline futures fell 0.77 cent to $2.43 a gallon and natural gas dropped 5.3 cents to $4.03 per 1,000 cubic feet.
However, oil's decline was limited by the first widespread blizzard of the season in the northeastern United States, the world's top heating oil market.
Analysts said black gold took advantage after some OPEC ministers signaled the group doesn't plan to boost output to cool the recent jump in crude.
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.
Uncertainty over Chinese fuel demand growth following a Christmas Day interest rate hike that overshadowed a cold snap in the US Northeast also affected oil prices, they added.
On Saturday for the second time in just over two months as it stepped up its battle to rein in stubbornly high inflation.
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.
