(dpa) - The price for crudes produced by the Organization of the Petroleum Exporting Countries (OPEC) was up at the beginning of the week OPEC said, as cartel members indicated no output hike was on the cards.
One barrel (159 litres) of crudes from OPEC's 13-brand reference basket stood at 101.16 dollars on Monday, up 2.53 dollars compared with Friday, OPEC said.
The latest hike came as OPEC Secretary General Abdullah al-Badri indicated that there was more than enough oil on the market.
In an interview with an Iranian newspaper published on Tuesday, al-Badri said oil prices were "proper and fair."
The market was oversupplied with crude, he added.