OPEC: Supply isn't reason for high prices.

WASHINGTON (Reuters) - OPEC oil-producing nations said Saturday oil prices have risen despite a well-supplied market, adding it was urgent to identify new indicators of price trends to supplant the now-unreliable gauge of oil stocks. "This price rise occurred despite the fact that the market continues to be well-supplied," Adnan Shihab-Eldin, acting secretary-general of the Organization of Petroleum Exporting Countries, told a meeting of the International Monetary Fund's policy committee.