December 27, 2010 6:43 PM

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Oil stays above $91 in Asian trade

Oil prices hovered above 91 dollars a barrel in Asian trade, on Monday, as some ministers of Organization of Petroleum Exporting Countries signaled the group doesn't plan to boost output to cool the recent jump in prices.Benchmark oil for February delivery fell 17 cents to 91.34 dollars a barrel on the New York Mercantile Exchange. Yesterday, prices rose to 91.51 dollars, the highest level since October 2008. In London, Brent crude rose 32 cents to 94.09 dollars a barrel. Arab members of the OPEC said at a meeting in Cairo over the weekend that the full group would likely not meet until June to discuss production quota policy.

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