Nov. 20 (Bloomberg) -- Crude oil was little changed in New York after rising earlier today as investors bought commodities as a hedge against inflation on speculation the dollar will weaken.

Oil is poised for a weekly gain as the Organization for Economic Cooperation and Development doubled its growth forecast for the leading developed economies next year and predicted a further acceleration in 2011 as China powers a global recovery. The dollar has lost 6.8 percent against the euro this year.

“Investors see crude at below $78 as a buying opportunity, no matter how much of a glut we’ve got, simply because people believe the long-term trend for the dollar is down,” said Victor Shum, a senior principal at consultants Purvin & Gertz Inc. in Singapore.

Crude oil for December delivery was at $77.39 a barrel, down 7 cents, in electronic trading on the New York Mercantile Exchange at 4:08 p.m. Singapore time. It rose as much as 53 cents, or 0.8 percent, to $77.99 today. Yesterday, the contract fell $2.12, or 2.7 percent, to $77.46, the biggest decline since Nov. 12. Futures are poised to increase 1.4 percent this week.

Analysts surveyed by Bloomberg News were split over whether crude oil prices will fall or be little changed next week amid a weak dollar and ample fuel supplies.

Ten of 27 analysts, or 37 percent, said futures will drop through Nov. 27. Ten more respondents predicted that oil will be little changed. Seven said futures will rise. Last week, 50 percent of those surveyed said prices would fall.

Year End

Oil, which has risen 74 percent this year, fell yesterday as investors closed off positions before the end of the year. The Standard & Poor’s 500 Index declined 1.3 percent and the Dow Jones Industrial Average lost 0.9 percent in New York yesterday.

“Oil and equities have done well and towards the end of the year, it may be a time for investors to lock in profit,” Shum said. “A retraction in oil prices and equities ought to take place. Both have come a long way this year despite weak fundamentals in oil and sustainability in economic recovery.”

The MSCI Asia Pacific Index fell 0.4 percent to 117.08 as of 4:02 p.m. in Tokyo.

Refining Rates

U.S. refinery utilization rates fell for a third week to 79.4 percent last week, the Department of Energy said. U.S. supplies of crude oil declined 887,000 barrels to 336.8 million last week, according to an Energy Department report. Analysts surveyed by Bloomberg News forecast that inventories would gain 300,000 barrels.

“At this time, over the last five years, rates would be as low as 85 percent and as high as 93 percent,” Shum said. “Refineries are running at a low rate in the export markets, Korea, Taiwan, Singapore, and that indicates demand globally is still weak.”

The dollar bought $1.4927 per euro from $1.4925, after earlier rising as high as $1.4882. It was poised for a 0.2 percent decline this week.

The economy of the OECD’s 30 member countries will expand 1.9 percent next year and 2.5 percent in 2011, the Paris-based group said in a report yesterday. Output will contract 3.5 percent this year. The OECD, which advises members on economic policy, forecast 2010 growth of 0.7 percent in June.

“Parts of the economy are starting to pick up,” said Jonathan Barratt, managing director at Commodity Broking Services Pty in Sydney. “Leading indicators are good, inventories are drawing. I am looking for a break through $80 pretty soon.”

Brent crude for January settlement was at $77.69 a barrel, up 5 cents, at 4:09 p.m. Singapore time on the London-based ICE Futures Europe exchange. Prices fell $1.83, or 2.3 percent, to $77.64 a barrel yesterday.

To contact the reporter on this story: Ann Koh in Singapore at akoh15@bloomberg.net

Last Updated: November 20, 2009 03:10 EST