Oil prices rose above $88 a barrel Monday in Asia after OPEC left its crude output quotas unchanged, citing slowing demand and abundant supplies.
The world's leading oil producer, Saudi Arabia, said it wants to keep the price of oil between $70 and $80 a barrel even though it rose as high as $90 just last week.
OPEC said that there's no need to increase production in order to drop current oil costs. Ministers from the 12-nation Organization of Petroleum Exporting Countries said at a meeting in Quito, Ecuador on Saturday that a "fragile global economic recovery" and "fears of a second banking crisis in Europe" kept the cartel from raising oil production.
However, other oil analysts say the world economy is growing and that will push oil prices higher even if OPEC tries to stop it.
"The ministers generally love existing prices," Cameron Hanover Inc. said in a report. "Some insiders have hinted at a quota increase if crude oil prices break above $100 a barrel."