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Hopes of 'full cuts' by Opec

12 April 2012

OIL traders were betting overnight that Opec would today agree to the full production cuts it promised shortly before Christmas, pushing up prices by about 3%.

Prices had fallen 1.7% in floor trading in New York amid fears that some Opec members would push for cuts of 1.3m barrels a day rather than the 1.5m proposed in recent weeks.

But the price of Brent crude for February delivery rose 74 cents from the London close to $20.74 a barrel on renewed confidence that the cartel would adopt the full cutback.

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