US crude has climbed to $101.40 a barrel, after the Organization of Petroleum Exporting Countries (OPEC) denied Saudi Arabia’s plans to increase oil output at a meeting yesterday.

US crude rose by 66 cents while Brent crude for July delivery climbed 31 cents to $118.16 a barrel.

The hike in the oil prices is also attributed to the sharp fall in the US crude stocks, reports Reuters.