OPEC sees softer oil demand, committed to stability

WASHINGTON (Reuters) - The Organization of Petroleum Exporting Countries' top market analyst said on Saturday OPEC was committed to maintaining oil market stability and that global demand appears to be softening.

High oil prices in recent months are due more to financial market developments than fundamental demand growth, Mohammad Alipour-Jeddi, OPEC's head of petroleum market analysis, told the International Monetary Fund's steering committee. The price rises have coincided with a falling dollar and rising speculation in paper oil contracts, he said.

"While financial market dynamics have been a contributing factor to record high prices, oil market fundamentals point to a market which is currently well supplied and the balance is expected to soften further due to lower seasonal demand in the coming months," Alipour-Jeddi said in a statement to the committee.