Oil above $127 on weak dollar, geopolitics

London: Oil prices were above $127 a barrel on Monday, after Opec's president said the producer group would not call an early meeting and even at its September gathering was unlikely to boost supply as the world had enough oil.

US light crude for June delivery was up 77 cents at $127.06 a barrel by 9:00 a.m. EDT.

It closed at $126.29 a barrel on Friday after touching a record peak of $127.82 earlier that day after publication of a bullish price forecast from investment bank Goldman Sachs.

London Brent crude was up 53 cents at $125.52 a barrel.

Chakib Khelil, president of the Organisation of the Petroleum Exporting Countries, said oil markets were well supplied and blamed high prices on speculation, a weak dollar and geopolitical problems.