OPEC President: oil oversupply in market by end of year

Who else is smelling another increase in prices?

Speaking to reporters on his arrival for Tuesday's OPEC meeting in Vienna, he said there was plenty of oil in the market and the group will discuss the possibility of cutting back.

When asked if the group will decide to cut, he replied: "I don't know, there will be a discussion on that."

"There is plenty of oil in the market, stocks are pretty good," Khelil said. "We're going to have an oversupply by the end of year."

Goldman Sachs still believes oil will be at $130 in the final quarter of 2008 and $140 for the year.