LONDON (Reuters) - Oil fell more than $1 to stand near $88 a barrel on Tuesday, awaiting a clear signal from OPEC as a chorus of opinion within the exporting group spoke against an output increase.

U.S. crude was down $1.17 a barrel at $88.14 by 10:12 a.m. EST in volatile trading. It had hit a five-week low of $87.14 in the previous session.

London Brent crude, which settled on Monday at a premium to U.S. crude for the first time since August 23, fell 40 cents to $89.40.

U.S. weekly petroleum inventory figures, to be released by the Energy Information Administration (EIA) on Wednesday, were also expected to shape prices.

"The market is idling at the moment waiting for a clear signal from OPEC and of course looking ahead to tomorrow's EIA data," said Simon Wardell, oil analyst with Global Insight in London.

OPEC's big Gulf producers have left open the option of a supply increase at Wednesday's meeting in Abu Dhabi, while insisting that supplies are sufficient to meet winter fuel demand and that high oil prices are driven by factors outside OPEC's control.