opec

OPEC's acting president said the producer group should stay out of political battles, Iran's official IRNA news agency reported Sunday, an apparent bid by the bloc to steer clear of a potential showdown between Tehran and the U.S. over threats to close the vital Strait of Hormuz.

Libya's oil chief says he expects the OPEC member state's oil output to return to prewar levels by mid 2012.

There is a "gentlemen's agreement" between OPEC members to accommodate increasing output from Libya, the North African country's oil minister said Saturday.

Oil fell from a one-week high in New York amid speculation that the Organization of Petroleum Exporting Countries will set an output ceiling near current production levels at a meeting in Vienna today.

OPEC's failure to agree to boost production is not likely to impact prices much for a number of reasons. That's good news for drivers. 

Over the objections of Saudi Arabia, OPEC decided on Wednesday to maintain its crude oil output levels and may meet again within three months to discuss a possible production increase.

Mideast turmoil, a faltering world economy and divisions on whether to raise crude production promise to make this week's OPEC meeting one of the more volatile in recent history.

Wall Street looked set to rise Wednesday, as oil prices held steady after an OPEC official said the group saw no need for an emergency meeting to discuss raising its output.

U.S. stock index futures advanced Tuesday as oil prices pulled back on prospects of an OPEC production hike after recent turmoil in the Middle East and North Africa.

Asian shares were higher Monday as Japanese industrial production rose and traders cautiously pushed aside worries over political turmoil in OPEC-member Libya.