SINGAPORE, Sept 8: Surging global oil prices took a breather in Asia today, as supply giant Saudi Arabia vowed to seize control of the market, which remained near post-Gulf War highs ahead of a key weekend meeting of oil cartel OPEC, reports Reuter.

Benchmark New York Mercantile Exchange (NYMEX) October crude futures fell from Thursday's 10-year peaks of $35.46 a barrel, but remained high ahead of a meeting of the Organisation of Petroleum Exporting Countries (OPEC) on output In Vienna on Sunday.

The NYMEX contract was last traded at $35.06 a barrel by 0553 GMT. 33 cents lower than Thursday's settlement in New York.

But prices remained sky-high, spelling agony for many oil importing countries and raising fears of a US heating oil supply crunch this winter.

The World Bank said on Thursday in Brunei that high oil prices and inflated equity markets are potential risks that could derail the remarkable turnaround of crisis-hit Aslan economies.

High fuel costs have stirred protests this week from French farmers to US politicians, while

world leaders in Europe, Asia and Africa have called them a menace to their economies.

Undeterred. London Brent crude surged for a fourth straight day on Thursday to settle at $34.55, up 27 cents over the day before.

It set a fresh 10-year Intraday high of $34.60.

Strong words on Thursday from Saudi Arabia, the only world producer with significant immediate spare crude reserves, helped arrest the week's rally but failed conclusively to reverse market direction.

"It may knock it down a bit. but not down to the ($20) levels as they want." one analyst in Hong Kong said.

There is very little OPEC can do because strength is from fear of a heating oil shortage."

Saudi Crown Prince Abdullah told US President Bill Clinton in a meeting that it Intended to pump enough oil to bring crude prices back down to $25 a barrel, sources said.

"Saudi Arabia will come tlrrough. Everybody knows we want $25 a barrel. Were not equivocating on this," a source familiar with the recent meeting

told Reuters on Thursday. j

But he did not confirm reports that Abdullah has said OPEC was looking to raise output by 700.000 barrels per day (bpd), or three per cent, when It meets.

Saudi output after this weekend will probably top nine million bpd. the kingdom s highest production in 20 years.

The rest of the 11 -member Organisation of Petroleum Exporting Countries (OPEC), which controls world supply, were more cautious.

OPEC is trying hard to avoid a price slump, a nightmare for the cartel as it prepares for its 40th anniversary this month.

So far. members have touted a modest 500.000 bpd output hike figure but an OPEC source told Reuters on Thursday that "all options are open."

Oil Is expected to simmer as the latest reports still put US heating oil stocks at low levels.

The US Department of Energy's (DOE) statistical arm said on Thursday that US output of petroleum products in August was at record highs, but then so was demand.