Crude prices fluctuate amid ample supplies

Oil prices fluctuated around the five-year low Tuesday as there was no sign that producer would cut production in response to the slump.

Suhail Al-Mazrouei,the Energy Minister of United Arab Emirates said Sunday that the Organization of Petroleum Exporting Countries (OPEC) will refrain from cutting output even if prices fall as low as 40 dollars.

OPEC maintained its collective production ceiling of 30 million barrels a day during a meeting in Vienna on Nov. 27. OPEC pumps a third of the world's crude. Analysts regarded the OPEC decision as very bearish to crude prices.

Ample supply, moderate demand, a stronger U.S. dollar and uncertainties about global economic growth have been key factors in the latest price trend.

Traders were also looking ahead to the weekly U.S. crude data due to be released Wednesday, which is expected to show a decline in inventories. The U.S. oil boom has unlocked supplies from shale formations. According to the data from the Energy Information Administration, U.S. production expanded to 9.12 million barrels a day through Dec. 5, the highest in weekly records that started in January 1983.

Light, sweet crude for January delivery moved up 2 cents to settle at 55.93 U.S. dollars a barrel on the New York Mercantile Exchange,while Brent crude for January delivery lost 1.2 dollars to close at 59.86 dollars a barrel.