Light, sweet crude for May delivery rose 80 cents to $107.03 a barrel in electronic trading on the New York Mercantile Exchange in early trading on Monday.

A weak USD and a reduction in OPEC output is fueling the oil rally.

OPEC Output

OPEC pumped an average 32.35 million barrels a day last month, down 85,000 barrels from February, according to the survey of oil companies, producers and analysts. February output was revised up by 160,000 barrels a day. Production by the 12 members with quotas, all except Iraq, fell 30,000 barrels to 29.97 million barrels a day.

The decline in March was the first drop in seven months.