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| Version 3 | Version 4 |
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| Oil prices up on export cut talks | Oil prices up on export cut talks |
| (about 3 hours later) | |
| The price of Brent crude has risen from its earlier 20-month low after reports suggested Saudi Arabia had already cut production to support world prices. | The price of Brent crude has risen from its earlier 20-month low after reports suggested Saudi Arabia had already cut production to support world prices. |
| Brent crude rose $5.43 to $65.91 a barrel after falling as low as $58.38 during the session in London. | |
| US light, sweet crude traded at $69.88 having peaked at $71.77. | |
| Reports said Saudi Arabia had reduced its exports of oil by 900,000 barrels a day from their peak in August, with other oil producers following suit. | Reports said Saudi Arabia had reduced its exports of oil by 900,000 barrels a day from their peak in August, with other oil producers following suit. |
| Saudi Arabia is the biggest oil exporter in the world. | Saudi Arabia is the biggest oil exporter in the world. |
| Tim Evans at City Futures Perspective says the market is driven now by "a trio of supportive factors; a weaker US dollar, a push to the upside in global equity markets and market talk that Saudi Arabia may have already cut crude oil production." | Tim Evans at City Futures Perspective says the market is driven now by "a trio of supportive factors; a weaker US dollar, a push to the upside in global equity markets and market talk that Saudi Arabia may have already cut crude oil production." |
| Members of the Opec oil producers' cartel agreed in October to cut crude supplies by 1.5m barrels a day to boost prices, but investors had been waiting to see when the cuts would be implemented. | Members of the Opec oil producers' cartel agreed in October to cut crude supplies by 1.5m barrels a day to boost prices, but investors had been waiting to see when the cuts would be implemented. |
| Growth worries | Growth worries |
| Earlier on Tuesday Brent crude fell to its lowest level since February 2007 amid concerns about the state of the US economy. | Earlier on Tuesday Brent crude fell to its lowest level since February 2007 amid concerns about the state of the US economy. |
| Oil prices have slumped since hitting a record of $147 a barrel in July, as consumers have cut their spending and the chances of a global recession have grown. | Oil prices have slumped since hitting a record of $147 a barrel in July, as consumers have cut their spending and the chances of a global recession have grown. |
| Credit Suisse has also cut its forecast for China's energy demand, predicting that it will remain unchanged in 2009. | Credit Suisse has also cut its forecast for China's energy demand, predicting that it will remain unchanged in 2009. |
| Recent figures showed China's economic growth rate fell for the third quarter in a row, prompting fears of a wider downturn. | Recent figures showed China's economic growth rate fell for the third quarter in a row, prompting fears of a wider downturn. |
| Growth slowed to an annual pace of 9% in the three months to September - down from 10.1% over the previous quarter. | Growth slowed to an annual pace of 9% in the three months to September - down from 10.1% over the previous quarter. |
| There had been hopes that growth in developing nations such as China and India would help offset the slump in demand in US. | There had been hopes that growth in developing nations such as China and India would help offset the slump in demand in US. |