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Oil price rise after OPEC makes output cut

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Oil price rise after OPEC makes output cut

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The price of of crude oil has rebounded after falling below 100 dollars a barrel for the first time in five months.

In early trading US crude rose by a dollar a barrel, while, London Brent gained 28 cents, edging it back above the 100 dollar mark.

It came after OPEC ministers meeting in Vienna announced a small but unexpected cut in production from around 30 million barrels a day to just under 29 million.

Oil prices have fallen nearly 30% from a high of 147 dollars a barrel in July because of a fall in demand.

Analysts are divided over whether the latest cut reflection shows OPEC is set on keeping oil above the 100 dollar mark.

But many experts believe it will not reverse the downward trend.