SINGAPORE (Commodity Online) : Global oil prices remained near $71 a barrel in Asian trade Wednesday after an overnight surge aided by gold’s rally.

Benchmark crude for October delivery was seen trading at $71.12 a barrel at 12 noon Singapore time in electronic trading on the New York Mercantile Exchange while Brent crude for October delivery was down 20 cents lower at $69.22 a barrel at the same time.

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Analysts said crude was expected to trade in a narrow range as investors waited for a key OPEC ministerial meeting to begin later Wednesday in Vienna in which the oil cartel is to decide on its production quotas.

OPEC members, which pump 40% of the world's oil, agreed in late 2008 to remove a massive 4.2 million barrels of daily output from the market as it sought to prop up crumbling prices.

On Tuesday, the contract gained $3.08 to settle at $71.10 as the dollar fell to a low for the year against the euro and Gold prices surpassed $1,000 an ounce for the first time since February

In other Nymex trading, Gasoline for October delivery was steady at $1.83 a gallon, and Heating Oil held at $1.78 a gallon. Natural Gas rose 4.2 cents to $2.85 per 1,000 cubic feet.
In London, Brent crude was down 12 cents to $69.30.

Oil prices, which peaked above $147 in July last year before tumbling to $32 in December, have doubled since the start of 2009 and recently touched the $75 mark briefly.

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