Saudi Arabia expressed satisfaction with recent steep falls in oil prices on Tuesday and appeared in no mood to change OPEC's output policy at a meeting in Vienna as crude slipped to near $100 a barrel.

Oil prices rose to near $119 a barrel on Thureday in Asia on fears that Tropical Storm Gustav could strengthen on its way toward crude and natural gas rigs and refineries in the Gulf of Mexico.

Venezuela has raked in $4.3 billion from a tax on windfall oil profits it started collecting from state-owned Petroleos de Venezuela in mid-April, President Hugo Chavez said.

World oil prices declined in Asian trade on Monday as the US currency's recent gains sapped appetite for dollar-denominated commodities including oil, dealers said.

Crude oil is headed for its biggest weekly increase in more than two months after rising almost 5 percent on Thursday as the dollar slumped, prompting investors to buy commodities.

At least 100,000 small companies have been shut down in Mexico due to the soaring oil prices and new tax laws, the Latin American Organization of Small and Medium Companies has said.

Crude oil rose for a third day in New York on concerns that Russian and Caspian Sea supplies may be disrupted after the US agreed on Wednesday to construct a missile-defense system in Poland.

World oil prices rose in Asian trade on Wednesday on fresh supply concerns after key producer Venezuela indicated it could ask OPEC to cut output, dealers said.

Oil prices fell to the $111 level on Friday, reaching their lowest point in more than three months after the dollar muscled higher and OPEC predicted world demand for energy will keep falling.

Oil prices rose for a second day Thursday in Asia, approaching $117 a barrel after US gasoline supplies fell more than expected in a weekly government report.

Oil prices were steady near $113 a barrel on Wednesday in Asia ahead of weekly oil and gasoline inventory data that may show further evidence of declining crude demand in the US.

Motilal Oswal Financial Services' Director, Raamdeo Agrawal, said on Tuesday, "The market is driven by anticipation of further fall in crude prices and may see a big rally if oil declines to $80 per barrel."

Crude oil traded lower in Asia Tuesday as investors focused on waning global energy demand, but the conflict between Russia and Georgia threatens price volatility, dealers said.

World oil prices rose by more than one dollar in Asian trade Monday on supply concerns amid the escalating fighting between Georgia and Russia, dealers said.

Oil prices held around $120 a barrel in Asian trade Friday on jitters sparked by the disruption of a pipeline carrying crude from Central Asia to the West.

Democratic presidential candidate Barack Obama called on the United States to end its dependence on oil from the Middle East and Venezuela within 10 years as part of a broad speech laying out his energy plans on Monday.

Oil prices rose above $126 in Asian trade Monday over fresh worries about Iran's disputed nuclear programme and a new storm brewing in the Gulf of Mexico, dealers said.

R S Pandey Friday took over as the new Petroleum Secretary, setting for himself the task of balancing the interests of consumers, the government and oil companies in the wake of high crude oil prices.

US President George Bush Wednesday drew on surging fuel prices and growing public support for offshore drilling to reiterate his call for Congress to allow the practice in order to curb an energy crisis.

World oil prices eased in Asian trading Wednesday ahead of a weekly US report on energy stockpiles expected to reinforce worries over slackening demand, analysts said.

Oil prices rebounded Monday in Asia on comments by Iran's president suggesting a significant increase in the country's nuclear programme.

World oil prices held steady in Asian trade Friday in a market calmed by slowing global demand, analysts said.