OPEC Unlikely to Change Output Level

OPEC is not likely to pump more oil to ease crude prices, oil ministers signaled Tuesday on the eve of a key meeting.

Chakib Khelil, president of the Organization of Petroleum Exporting Countries, said the 13-nation cartel is shying away from boosting production because of the U.S. economic slowdown, political turmoil in the Middle East and expectations of slackening global demand for crude.

On Monday, oil surpassed the all-time record of $103.76 a barrel when adjusted for inflation. The previous record was $38, set in 1980 at the height of the U.S.-Iran hostage crisis. Oil held steady well above $102 in Asia trading Tuesday.