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| Version 1 | Version 2 |
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| Oil prices rise after Opec summit | Oil prices rise after Opec summit |
| (9 minutes later) | |
| Oil prices have risen in Monday trading, after leaders of producers' cartel Opec decided not to boost production at their latest meeting. | Oil prices have risen in Monday trading, after leaders of producers' cartel Opec decided not to boost production at their latest meeting. |
| US light crude was up 77 cents to $94.61 a barrel by late morning in Europe, following the Opec summit in Saudi Arabia at the weekend. | US light crude was up 77 cents to $94.61 a barrel by late morning in Europe, following the Opec summit in Saudi Arabia at the weekend. |
| Meanwhile, London's Brent crude added 54 cents to $92.16 a barrel. | Meanwhile, London's Brent crude added 54 cents to $92.16 a barrel. |
| The price of US light crude hit $98.62 at the start of this month due to the weak dollar and supply concerns. | The price of US light crude hit $98.62 at the start of this month due to the weak dollar and supply concerns. |
| 'Little effect' | 'Little effect' |
| Opec's decision not to increase supplies following its latest meeting came despite calls from US Energy Secretary Samuel Bodman. | Opec's decision not to increase supplies following its latest meeting came despite calls from US Energy Secretary Samuel Bodman. |
| Even if the Opec ministers decide to raise output in early December...by the time the oil gets to the market, the winter season would essentially be over Energy analyst Victor Shum | |
| The 12-nation producers group next meets at the start of December in the United Arab Emirates. | The 12-nation producers group next meets at the start of December in the United Arab Emirates. |
| Some analysts say that even if Opec decides to increase output next month, it won't have an effect on prices ahead of the key Christmas period in the US and other Western nations. | Some analysts say that even if Opec decides to increase output next month, it won't have an effect on prices ahead of the key Christmas period in the US and other Western nations. |
| "Even if the Opec ministers decide to raise output in early December, that would likely become effective only in January so by the time the oil gets to the market, the winter season would essentially be over," said Victor Shum, an energy analyst with Purvin & Gertz in Singapore. | "Even if the Opec ministers decide to raise output in early December, that would likely become effective only in January so by the time the oil gets to the market, the winter season would essentially be over," said Victor Shum, an energy analyst with Purvin & Gertz in Singapore. |
| Dollar issue | Dollar issue |
| Opec leaders have commented that an increase in oil production would do little to lower prices, as they blame the higher cost of oil on the weak dollar, the currency in which crude is priced. | Opec leaders have commented that an increase in oil production would do little to lower prices, as they blame the higher cost of oil on the weak dollar, the currency in which crude is priced. |
| The weaker dollar has been driving up oil prices as investors have been using the commodity as an alternative to holding dollars. | The weaker dollar has been driving up oil prices as investors have been using the commodity as an alternative to holding dollars. |
| Oil prices have risen by 60% this year and some analysts say that $100-a-barrel oil is inevitable. | Oil prices have risen by 60% this year and some analysts say that $100-a-barrel oil is inevitable. |
| Adjusting for inflation, US light crude's record peak of $101.70 came in 1980 against a backdrop of war between Iraq and Iran. | Adjusting for inflation, US light crude's record peak of $101.70 came in 1980 against a backdrop of war between Iraq and Iran. |
| Earlier, disagreements about whether to continue pricing oil in dollars surfaced at the Opec meeting when private discussions were accidentally broadcast live. | Earlier, disagreements about whether to continue pricing oil in dollars surfaced at the Opec meeting when private discussions were accidentally broadcast live. |
| Venezuela and Iran, in particular, argued for a change in policy. | Venezuela and Iran, in particular, argued for a change in policy. |