Oil prices remained steady Chavez warning opens Opec forum ...
Oil prices rebound as Opec meets ...
Opec not expected to up supplies ... ahead of a meeting in Abu Dhabi of oil producers' cartel Opec, which is under pressure to raise output to dampen prices.
A barrel of US light sweet crude rose eight cents to $88.40 a barrel in Asian trade, far below the highs seen in recent weeks, when it passed $99.
Prices have fallen on speculation that Opec will up output and reports that downplayed Iran's nuclear ambitions.
Some analysts doubt that Opec will increase output.
Mixed views
The members of the Opec cartel account for 40% of the world's oil supply.
Officials from Qatar, Venezuela, Iran and Libya have previously spoken against the need to pump more oil, while ministers from Indonesia, Nigeria and Kuwait said they were still open to increases.
Some Opec ministers have argued that there are enough supplies to keep consumers warm in winter. They blame speculators for volatile prices.
"All options are open," Saudi oil minister Ali al-Naimi told reporters, ahead of the meeting.
Scepticism
Recent falls in the oil price have made some analysts doubt that Opec will actually raise output.
"It is not whether Opec raises production or not - they already have - but it is whether or not they legitimise that overproduction by raising their quotas," wrote Phil Flynn, an energy analyst with Alaron Trading.
"$90 a barrel is the line in the sand and if oil is below $90, like I expect it will be then Opec will not raise their production," Mr Flynn added.
Oil prices lost ground on Tuesday, following a report that downplayed Iran's nuclear ambitions.
Tension between the US and Iran has contributed to the rally in oil prices.
The US report by the National Intelligence Estimate said Iran had halted its nuclear weapons programme in 2003, contradicting the US administration's previous view.
(BBC)
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