Oil market well supplied, OPEC agenda open-ministers

On global oil supplies, the minister said: "They are definitely comfortable and they are definitely within the five-year average, and no one can deny it. That is a fact."
The Organization of Petroleum Exporting Countries had no control over prices being determined by the market, he said.
"You see the (price) volatility today because of different reasons," he said.
In morning Asian trade, New York's main contract, light sweet crude for January delivery, slumped 42 cents to 94.00 dollars a barrel from 94.42 dollars in late US trades Tuesday.
The benchmark contract has fallen around 5 dollars since climbing close to the 100 dollar mark last week, reaching a record high of 99.29 dollars.
Brent North Sea crude for January delivery tumbled 37 cents to 92.15 dollars.
The market had turned bearish on rumours that OPEC would increase production to help cool prices.
OPEC last decided to raise output in September when it agreed to provide an extra 500,000 barrels of crude a day to the market, effective November 1.