OPEC President Chakib Khelil, Algeria's minister of energy and mines, said the major exporting group would keep production at current levels until its September meeting, although Saudi Arabia recently announced it would up production by 300,000 barrels a day, The Wall Street Journal reported.

On the New York Mercantile Exchange, crude oil prices slid in the morning, then gained 26 cents in late trading to $127.31 per barrel.

The price of heating oil rose 0.0099 cents to $3.685 per gallon. Reformulated blendstock gasoline prices rose 0.0024 cents to $3.239 per gallon. Natural gas prices fell 0.015 cents to $10.939 per million British thermal units.

At the pump, the national average price for a gallon of unleaded gasoline reached a record $3.794 Monday, up from Sunday's price of $3.793, AAA said. Some regions are reporting average gas prices more than $4 per gallon. Prices hit an average $4.07 a gallon in the Chicago area over the weekend.