Oil rises above $101 a barrel
SINGAPORE — Oil prices rose above $101 a barrel today in Asia, extending gains from the previous session after OPEC leaders unexpectedly left crude production quotas unchanged.
Benchmark oil for July delivery was up 59 cents to $101.33 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract gained $1.65 to settle at $100.74 on Wednesday.
In London, Brent crude for July delivery was up 12 cents to $117.97 a barrel on the ICE Futures exchange.
Leaders of the Organization of Petroleum Exporting Countries, a cartel that controls about 35 percent of global crude output, surprised investors by deciding not to boost production quotas at a meeting Wednesday in Vienna. Analysts had expected an increase of between 1 million and 2 million barrels per day.
