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| Version 7 | Version 8 |
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| Oil falls despite Opec output cut | Oil falls despite Opec output cut |
| (39 minutes later) | |
| Brent crude has fallen back below $100 a barrel as signs of weaker global oil demand has offset Opec's surprise decision to reduce output levels. | Brent crude has fallen back below $100 a barrel as signs of weaker global oil demand has offset Opec's surprise decision to reduce output levels. |
| Despite initially rising following Opec's announcement, Brent was down $1.67 to $98.67 by evening in Europe. | Despite initially rising following Opec's announcement, Brent was down $1.67 to $98.67 by evening in Europe. |
| US light crude was also lower, falling $1.41 to $101.85 a barrel. | US light crude was also lower, falling $1.41 to $101.85 a barrel. |
| After talks in Vienna, Opec's member states decided to cut daily production levels by 520,000 barrels, starting within 40 days. | After talks in Vienna, Opec's member states decided to cut daily production levels by 520,000 barrels, starting within 40 days. |
| 'Changing lifestyles' | 'Changing lifestyles' |
| While the news initially saw oil prices rise, they then fell back, helped by the International Energy Agency (IEA) cutting its estimate for global oil demand this year and next. | While the news initially saw oil prices rise, they then fell back, helped by the International Energy Agency (IEA) cutting its estimate for global oil demand this year and next. |
| The IEA - which had asked Opec to keep its output unchanged - said consumers in industrial nations were changing their lifestyles in response to high prices. | The IEA - which had asked Opec to keep its output unchanged - said consumers in industrial nations were changing their lifestyles in response to high prices. |
| Oil's fall from the record prices seen in July has helped the US dollar, which hit an 13-month high against the euro on Tuesday. | Oil's fall from the record prices seen in July has helped the US dollar, which hit an 13-month high against the euro on Tuesday. |
| The price of crude has since fallen by nearly 30% as a global economic slowdown has reduced demand for oil. | |
| Opec members will re-assess production levels when the meet again at the end of the year. | Opec members will re-assess production levels when the meet again at the end of the year. |
| The 13-nation group, whose members include Saudi Arabia, Iran and Venezuela, has around two-thirds of the world's known oil reserves. | The 13-nation group, whose members include Saudi Arabia, Iran and Venezuela, has around two-thirds of the world's known oil reserves. |
| Another factor oil traders are having to consider is the latest hurricane in the Gulf of Mexico. | |
| Hurricane Ike has strengthened to a category two story and is on target to hit the Texas coast on Saturday. | |
| Some oil facilities in the Gulf of Mexico have been evacuated as a precaution. |