Crude oil jumped in New York as OPEC President Chakib Khelil called on members to stop producing more than the group's set quota after prices fell to almost $100 a barrel.

The Organization of Petroleum Exporting Countries is producing about 520,000 barrels a day more than their 28.8 million barrels limit, Khelil said. Oil has fallen 30 percent from a record $147.27 a barrel on July 11 as high prices and slowing global economic growth reduced demand for fuels.

"It's definitely a defensive measure to keep prices above $100,'' said Jonathan Kornafel , a director for Asia at Hudson Capital Energy. "They don't want to see us go back to $140 or $150 but they want us over $100. It's a bit of a shock to the market and that's why we're up.''

Crude oil for October delivery climbed as much as $1.41, or 1.4 percent, to $104.67 a barrel on the New York Mercantile Exchange and traded at $104.62 at 11:45 a.m. Singapore time. The contract had fallen as much as $1.20, or 1.2 percent, to $102.06 a barrel prior to the OPEC announcement.

Continued at Bloomberg