•In early Asian trading crude prices fell by $1/b as the US dollar climbed against other currencies, moving the index away from lows of 75 points. In mid-morning European trading the dollar had gained over a cent against the euro and the pound.

•Meanwhile, Saudi Oil Minister Ali al-Naimi dangled the possibility of a boost in oil output in comments Sunday. "This (increase in output) is premature but we will discuss the issue when we meet," he told reporters in Kuwait. However prices recovered as Iran's OPEC governor, Hossein Kazempour Ardebili, clarified Monday that OPEC would not discuss an increase in crude oil supply when ministers and heads of state and government from OPEC member states meet in Riyadh on November 15-18, the official Iranian news agency IRNA reported (see story at 09:39 GMT). On Sunday, it was not clear whether Naimi was referring to the meeting in Riyadh later this week or its next formal policy meeting on December 5 in Abu Dhabi.

Updated: November 12, 2007