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| Oil prices waver after Opec keeps output levels intact | |
| (about 2 hours later) | |
| Crude oil prices have risen, then fallen after ministers from the Opec cartel decided to hold production levels at 30 million barrels per day. | |
| In London afternoon trading, Brent crude was down 0.3% on the day at $61.86 a barrel, while US sweet light crude was down 0.2% at $57.97. | |
| Oil prices have fallen 5% over the previous two sessions, with investors worrying about oversupply. | |
| Those concerns have pushed oil prices down about 45% over the past year. | Those concerns have pushed oil prices down about 45% over the past year. |
| Opec urged member countries to adhere to the production ceiling. | Opec urged member countries to adhere to the production ceiling. |
| Qatar's Minister of Energy and Industry said: "We have witnessed much volatility in the global oil industry." | |
| Mohammed Bin Saleh al-Sada said the markets have seen continued oversupply. | |
| Opec has 12 member countries that between them sit on 80% of the world's oil reserves and produce about a third of the world's oil exports. |