Crude oil futures rose almost 3 U. S. dollars a barrel Monday to close above 109 dollars, as remarks made by a senior Organization of Petroleum Exporting Countries ( OPEC) official indicated the cartel won't raise production.
Crude for May delivery gained 2.86 dollars, or 2.7 percent, to close at 109.09 dollars a barrel on the New York Mercantile Exchange.
OPEC Secretary General Abdullah al-Badri said over the weekend "there is enough oil in the market and no need to change OPEC's output," according to Dow Jones Newswires.
He said it was "unlikely" that OPEC would hold an extraordinary meeting before its next scheduled gathering in September.
OPEC accounts for about 40 percent of the world's oil production.
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