Crude Oil Prices Rise Over $109 A Barrel

New York, NY (AHN) - Crude oil surged by $2 per barrel on Monday after the Organization of Petroleum Exporting Countries official indicated the cartel will not decide to increase production.

The prices rallied after OPEC Secretary General Abdullah al-Badri indicated that the cartel is producing enough oil for the market.

OPEC's production of oil fell down by 0.3 percent to an average 32.35 million barrels a day last month, according to a Bloomberg News survey of oil companies, producers and analysts.

"Comments from OPEC saying the market is well supplied seemed to provide support," MF Global analyst Michael Fitzpatrick, referring to crude, told MarketWatch news report.

Crude oil for May delivery gained as much as $2.35, or 2.2 percent to $108.58 a barrel around noon on the New York Mercantile Exchange.

While, the futures hovered above $109 a barrel mark and reaching to $109.20, which is the largest surge in the prices since March 18.

"OPEC is doing its best to contribute to stability," Mohammed al-Sada told reporters on Monday in Doha, where he is attending an oil and gas conference, according to Bloomberg news report. "Speculation and geopolitics are causing high prices."