US crude jumped US$1.65, or 1.7 percent, to settle at US$100.74 a barrel. Oil prices were trading down about US$1 just before the OPEC announcement. The price of brent crude - the European benchmark - rose 1.1 percent to US$118.07 a barrel.

OPEC's quarterly meeting was widely watched by analysts. The cartel had been under intense pressure to raise production as oil prices approached US$120 a barrel last month.

But cartel members were unable to reach a decision to do that, with at least three members reportedly holding steadfast against any production increase. OPEC ministers said they'll take another three months before considering any increase in oil output.

OPEC produces about a third of the world's 88 million barrel-a-day output.