Oil prices rise after opec refusal

09/06/2011

By Richard Cranidge

Oil prices have risen after the Organisation of the Petroleum Exporting Countries (Opec) refused to support an increase in supplies.

Such a move would have provided a degree of relief to UK motorists struggling to afford high fuel prices.

Opec, whose 12 members produce around  40 per cent of global supplies, were expected to boost output to help reduce prices.

But after failing to reach consensus at a meeting in Vienna, the cartel will resume discussions in three months' time.

Crude oil costs fell before the meeting but ended up peaking above 100 US dollars a barrel in New York.

It is another blow to motorists already suffering from unleaded petrol prices near record levels of around 136p a litre. The AA said an oil output increase would have been helpful although it pointed out that prices had failed to drop significantly in the wake of an easing in wholesale prices since March.