World oil markets are well supplied and there is no reason for OPEC to increase production despite a recent surge in prices, Venezuela's oil minister said on Wednesday.
Oil steadied on Tuesday after the previous session's near 5 percent slide, supported by a rebound in equity markets and expectations for a fifth weekly drop in U.S. crude inventories.
Oil prices fell more than 5 percent on Monday, the biggest slide since December 2004, as concern about the U.S. economy rippled through financial and commodity markets.
Oil hovered near $77 a barrel on Friday, near this week's all-time high, as continued output restraint by OPEC raised concern over tighter fuel supplies this winter.
Oil rose near an all-time high on Thursday as OPEC officials said the producer group would not hike output despite concerns of a supply shortfall.
Oil hit a new record high above $78 on Wednesday after a larger-than-expected drop in crude inventories in the United States.
U.S. oil climbed above $77 on Wednesday, inching towards its all-time high, on forecasts for another weekly decline in crude stocks in top consumer the United States and a recovery in world share markets.
Oil prices dipped on Monday as investors took profit after U.S. crude prices leapt more than $2 to their second-highest close on record, fuelled by upbeat signals on the U.S. economy and nagging supply worries.
Oil steadied above $75 on Friday, supported by the fundamentals of energy supply and demand and shrugging off immediate worries over corporate borrowing costs and the U.S. economy that roiled stock markets.
Oil prices slipped for a fourth day on Wednesday on forecasts of higher refinery production in the United States that would ease worries over fuel supplies during peak summer demand.
Oil fell more than $1 towards $75 a barrel on Tuesday after further assurances from OPEC that it would pump more crude if needed and expectations of higher U.S. fuel stockpiles.
Oil fell below $77 a barrel on Monday as some funds booked profits after OPEC expressed concern over near-record prices and pledged to pump more crude if needed.
David Schlesinger and Simon Webb
OPEC is concerned about the potential impact of the near-record price of oil on the world's economy but has seen little sign that growth has been hit by higher energy costs, the group's president said on Sunday.
Oil steadied on Friday near $78 a barrel, supported by concern that rising demand will strain supplies already thinned by U.S. refinery glitches and output disruptions in Africa.
Oil resumed its march towards record highs on Thursday, climbing above $77 a barrel after a surprise drop in gasoline stocks in the United States and heightened supply concerns in Africa.
Crude oil prices are trading near $76 a barrel and topped $78 on Monday, within sight of the record high hit in August 2006 of $78.65.
Oil steadied above $76 a barrel on Tuesday, rebounding from an earlier drop as concerns over supply and speculative buying lent support.
U.S. crude price could top $90 a barrel this autumn and hit $95 by the end of the year if OPEC keeps oil production capped at current levels, Goldman Sachs said in a report issued on Monday.
Oil climbed to a new 11-month high above $77 a barrel on Friday after the International Energy Agency added to global supply concerns with forecasts of no let-up in fuel demand next year despite near-record prices.
OPEC can do nothing about the high price of oil because factors other than crude supply have sent the market to near record levels, Qatar's Energy Minister said on Wednesday.
World oil demand will rise faster than expected to 2012 while supply lags, the International Energy Agency said on Monday, leading to a tighter market than previously anticipated.
Oil surged to an 11-month high above $76 a barrel on Friday, closing in on the all-time record as Nigerian disruptions and OPEC output cuts stirred supply concerns amid rising U.S. refiner demand.
