Get BlazeTV

Oil Surges as OPEC Unexpectedly Refuses to Increase Production

NEW YORK (AP) -- Oil prices are surging above $100 per barrel after OPEC unexpectedly announced that it will keep production levels where they are.

Analysts thought the 12-member group would boost production in an effort to cool off oil prices and take some pressure off the world economy. Increased global demand combined with violent uprisings in oil-rich countries of North Africa and the Middle East forced crude prices 25 percent higher from January to April.

Benchmark crude for July delivery rose $1.25 to $100.34 per barrel on the New York Mercantile Exchange. In London, Brent crude added $1.22 at $118 per barrel on the ICE Futures exchange.

Meanwhile, retail gasoline prices dropped another 1.3 cents overnight to a new national average of $3.748 per gallon.

One last thing…
Watch TheBlaze live and on demand on any device, anywhere, anytime.
try premium
Exclusive video
All Videos
Watch BlazeTV on your favorite device, anytime, anywhere.
Subscribe Now
Daily News Highlights

Get the news that matters most delivered directly to your inbox.