Richard ReedThe price of crude oil has risen to hits highest level in more than two years as rumours grow that Opec is set to extend production cuts.
Prices dropped slightly after US stockpiles fell by 1.86 million barrels last week, well short of the 6.3 million barrel fall suggested by some experts.
However, news that Saudi Arabia cut exports in September to the lowest level in six years served to push prices up again.
Shale keeps lid on prices
West Texas Intermediate crude is now trading at around the $57.87 mark, while the more expensive UK Brent crude was trading at a fraction over $63 on Thursday morning (23 November). Brent hit $63.14 in early trading before falling back slightly.
Prices are unlikely to go much higher, however as above $50 per barrel it becomes profitable for US shale producers to restart production – something they are able to do quickly and easily.