Undated (AP) After dropping amid speculation about rising U.S. crude supplies and what OPEC might do today, oil prices are back above $100 a barrel.
The head of OPEC declared at the start of today's meeting that crude oil is stable, another hint among several there will be no production boost. OPEC also feels crude demand will fall during the second quarter.
The U.S. energy department's energy information administration will issue its weekly oil inventory report today and analysts surveyed by Dow Jones newswires expect a more than 2-million-barrel increase.
Light, sweet crude for April delivery on the New York mercantile exchange rose 83 cents to $100.35 a barrel in electronic trading by midday in Europe.
Analysts attribute much of the recent run-up in oil prices to speculators driven to the market by a weak dollar.