OIL prices recovered above US$100 (S$139.04) on Wednesday from an almost 3 per cent tumble a day earlier, as growing signs that OPEC would not raise output at its meeting balanced expectations of bearish US oil stocks data.

US light crude for April rose 55 cents to $100.07 a barrel by 0805 GMT (4.35pm Singapore time), having plunged by close to $3.00 a barrel on Tuesday in a correction from Monday's record high of $103.95.

London Brent crude climbed 56 cents to $98.08 a barrel.

Granting support to the market, OPEC, which is meeting later on Wednesday, is likely to leave output unchanged.

Saudi Oil Minister Ali al-Naimi, the cartel's most influential voice, said in remarks published on Wednesday he saw no need to change production because oil market fundamentals were steady and 'healthy", blaming record high prices on 'tremendous speculation'.

Iraqi Oil Minister Hussain al-Shahristani also said OPEC does not need to change its oil output at the meeting. Iraq's output is not bound by the group's production targets.

These came despite last-minute pleas by US President George W. Bush, who warned that it would be a 'mistake' for the organisation to ignore the pain record-high prices are inflicting on the United States.

US weekly data is expected to show a 2.4 million barrel rise in crude inventories, the eighth-straight week of gains, and a 900,0000-barrel increase in gasoline stocks that are already at a 14-year high.

Swelling stocks indicate faltering demand as the world's largest oil consumer prepares to enter the second quarter when demand usually falls.

The data, to be released later on Wednesday, could push oil prices down further amid growing fears of recession after financial shares faltered on Tuesday and Federal Reserve Chairman Ben Bernanke warned mortgage delinquencies and foreclosures were likely to rise.