Oil eases as market doubts Opec output cut agreement
The price of oil slipped back in Thursday trading as traders questioned whether the output cut agreed by Opec would be binding.
Prices had jumped by 6% on Wednesday's news that Opec had voted for the first production cut in eight years.
Oil ministers said full details of the agreement would be finalised at a formal Opec meeting in November.
The absence of detail prompted some to have second thoughts about whether the cartel would take actual firm action.
Michael McCarthy, chief market strategist at Sydney's CMC Markets, said: "Investors and traders are sceptical - with good reason.... read more
- 18:13 Strobe lighting provides a flicker of hope in the fight against...
- 18:08 Nottingham luxury handbag designer targets Selfridges with new brand
- 18:07 Manhunt sparked after convicted arsonist escapes from Sudbury prison
- 18:07 'Flashing light therapy' for Alzheimer's
- 18:06 Telford & Wrekin Council emergency meeting over A&E plans - updates
- 18:06 Tata commits to future in Port Talbot - saving 4,000 jobs
- 18:06 Chelsea legend: This is why Diego Costa is totally outperforming...
- 18:05 Here’s the moment an exhausted baby seal was found wadding a mile...
- 18:05 Tastes of the black stuff at Gosberton Winter Ale Festival
- 18:05 Burglars steal child’s quad bike from Moulton
- 18:04 Know your place, robots! Brain study from Google AI lab could help...
- 18:04 Incredible X-rays show how lithium-ion batteries explode: Gas...
- 18:04 Real Madrid v Borussia Dortmund, UEFA Champions League LIVE: Follow...
- 18:04 Brendan Rodgers hoping respectable Champions League campaign...
- 18:04 UEFA Champions League scores: Tottenham v CSKA Moscow, Porto v...
- 18:03 Rape trial hears child 'did not make up evidence'
- 18:02 US STOCKS-Dow, S&P hit highs; Trump comment hammers drug stocks
- 18:02 Musk's SpaceX says rockets to remain grounded until January
- 17:59 Mansfield man faces drug dealing trial at crown court
- 17:58 City secondary school is "inadequate" says Ofsted
- 17:58 Edinburgh creatice agency launches Chrimojis pack
- 17:56 Four arrested on suspicion of intent to supply drugs in Sainsbury's...
- 17:53 Mansfield man faces drug dealing trial at crown court
- 17:53 Homeless man stole to buy food in Mansfield
- 17:53 Trainspotting 2 posters released
- 17:53 Five fantastic castles you can spend Christmas in
- 17:49 Digital Asset says blockchain platform allows confidential trades
- 17:49 Lincoln City left with blank weekend after FA Trophy tie is postponed
- 17:48 Strike action to hit Derby schools before Christmas
- 17:48 'Your EU needs YOU': Brussels launches youth volunteer corps