Oil prices rose above $87.40 a barrel after Egyptian President Hosni Mubarak ruled out his immediate resignation.

US crude for March delivery increased by 73¢ to stand at $87.46 a barrel by 03.27 GMT, while ICE Brent crude rose 66¢ to $101.53 a barrel, reports Reuters.

Protests continued in Egypt over Mubarak’s long rule, with workers of companies owned by Suez Canal authorities going on strike.

OPEC said January production rose by 400,000 barrels per day to 29.72 million barrels per day, the highest since December 2008.