Oil futures came off the highest levels of the session on Monday, after comments from Kuwait’s oil minister underlined concerns over a glut in world markets. On the ICE Futures Exchange in London, Brent for January delivery rose by as much as 1.77% earlier to touch a daily peak of $85.49 a barrel, before trimming gains to last trade at $84.19 during U.S. morning hours, up 21 cents, or 0.26%. Elsewhere, on the New York Mercantile Exchange, crude oil for delivery in December shed 16 cents, or 0.2%, to trade at $78.49 a barrel, after being up by as much as 1.5% earlier in the day. Kuwait’s Oil Minister Ali Al-Omair said earlier that the Organization of the Petroleum Exporting Countries will not cut output to support oil markets when it meets in Vienna later this month. He added that oil prices will stabilize once the surplus is absorbed by the market. London-traded Brent prices have fallen nearly 27% since June, when it climbed near $116, while WTI futures are down almost 26% from a recent peak of $107.50 in June. Concerns over weakening global demand combined with indications that OPEC producers will not cut output to support oil markets have weighed on prices in recent weeks. Some market analysts believe that only a cut in production by the oil cartel will halt the decline in prices. Oil ministers from the 12-member group are scheduled to meet in Vienna on November 27 to discuss how to react to falling oil prices and whether to adjust their production target for early 2015. Oil prices were higher earlier in the day after official trade data released over the weekend showed that China’s crude oil arrivals jumped 18.0% in October from the same month a year earlier to 24.09 million metric tons, or 5.7 million barrels per day. The Asian nation’s trade surplus widened to $45.4 billion last month from $31.0 billion in September, compared to estimates for a surplus of $42.0 billion. Chinese exports climbed 11.6% from a year earlier in October, beating expectations for a 10.6% increase, while imports rose 4.6%, compared to forecasts for a gain of 5.5%. The trade data came before a government report released Monday showed that Chinese inflation for October remained near a five-year low of 1.6%, unchanged from September and in line with expectations.