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Oil prices waver after Opec keeps output levels intact Oil prices volatile after Opec maintains output level
(34 minutes later)
Crude oil prices bobbled about after ministers from the Opec cartel decided to hold production levels at 30 million barrels per day. Crude oil prices were volatile after ministers from the Opec cartel decided to hold production levels at 30 million barrels per day.
In London afternoon trading, Brent crude traded in a narrow range around $62 a barrel, while US sweet light crude was around $58 a barrel. Brent crude traded in a narrow range around $62 a barrel, before ending the day up 1.8% at $63.15.
Oil prices have fallen 5% over the previous two sessions, with investors worrying about oversupply. West Texas Intermediate, or light sweet crude, was similarly indecisive, falling before recovering to about $58.9 a barrel, up 1.4%.
Those concerns have pushed oil prices down about 45% over the past year. Oil prices had fallen 5% over the previous two sessions.
Opec urged member countries to adhere to the production ceiling. Investors had worried that Opec might increase supply, thereby pushing prices down - oil prices have fallen about 45% over the past year.
But 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."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.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.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.