A weaker dollar erodes income from the dollar-denominated oil sales of Opec members and could encourage them to seek a higher price.

The currency is at a 20-month low against the euro.

"We are now concerned about the weak dollar," Qatari Oil Minister Abdullah al Attiyah told reporters in Abu Dhabi.

The Organisation of Petroleum Exporting Countries is scheduled to meet on December 14 in Nigeria to assess the impact of the group's 1,2 million barrel per day cut, decided at an emergency meeting in October.

US crude was off 47 cents at US$62,96 a barrel, holding last week's near seven per cent gains, after earlier reaching a high of US$63,82.

But Opec officials say prices could be higher still.

"The price is firming somewhat, but against a weakening dollar, and there is still a lot of excess volume out there," Opec President Edmund Daukoru said in Abu Dhabi.

Nampa-Reuters

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