Oil Gained On OPEC Reluctance

Crude oil prices rose Monday after some OPEC members prefer to keep production quotas unchanged.

Oil futures for the delivery in April rose 52 cents to end at $54.95 per barrel on the New York Mercantile Exchange. Meanwhile, Brent April futures climbed 56 cents to close at $53.66 a barrel on International Petroleum Exchange in London.
OPEC members remained disagreed about the need to increase output quotas. Saudi

Oil Minister Ali al-Naimi said the group should boost its targets by 500,000 barrels a day to 27.5 million. Libya's energy minister said his country preferred continuing the same production and there was no problem of supply. Indonesia's Oil Minister Purnomo Yusgiantoro said OPEC wasn't likely to agree on an increase in supply at this week's meeting.