OPEC Will Wait for $100 Oil Before Raising Output

(Bloomberg) — OPEC, the supplier of 40 percent of the world

Crude oil traded in New York has climbed almost 60 percent this year, after plunging more than $100 in five months at the end of 2008 as the global recession curbed demand for fuel.

Oil prices have increased because investors have bought crude as a hedge against a weakening U.S. dollar, not because demand is rising, al-Sabah said.