Oil prices were mixed in Asia overnight as investors waited for the release of US existing homes sales figures later today for more clues about the state of the US economy.
US crude dropped seven cents to $81.12 a barrel, while Brent crude was three cents higher at $79.54.
US crude prices surged to a one-year high of $82 earlier this week, driven by optimism over the global economic recovery and a weak dollar.
Meanwhile, OPEC secretary general Abdalla Salem El-Badri said in London yesterday that the cartel would consider ramping up crude oil production at its next meeting in December if key conditions are met.
The cartel 'will not hesitate to increase its production in December', he told reporters, adding that the decision was dependent on higher oil prices and improving economic growth.
The 12-nation OPEC, whose members pump 40% of the world's crude oil supplies, will hold its next meeting in Luanda, Angola, on December 22.
