The price of oil has shot up by more than 2% after The Organisation of Petroleum Exporting Countries (Opec) delayed plans to increase output.

The Times reports that eight members of Opec+, which includes Russia and other allies, said they would continue production cuts for a further month.

They had previously indicated they would lift output by 180,000 barrels per day in December.

The increase had been part of plans to gradually unwind production cuts of 2.2million barrels a day over the course of next year.

The decision to delay this had been widely anticipated due to oil prices dropping following falling demand in Asia.

But, on Monday, oil had jumped to more than $1.93 per barrel, or 2.6%, to $75.07 a barrel by 6pm.

FTSE 100

The UK's flagship share index, the FTSE 100, was down 31 points at 8,184 shortly after opening this morning.

Brent crude oil futures were up 0.07%, trading at $75.13 a barrel.

Companies reporting today

ASOS*

Full Year Results

Associated British Foods*

Full Year Results

IWG

Q3 Trading Statement

Schroders

Q3 Assets Under Management Statement

TI Fluid Systems

Q3 Trading Statement

TP ICAP Group

Q3 Trading Statement

Weir Group

Q3 Interim Management Statement


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