18 Oct 2008

Oil prices rise almost 3 percent

10:57 pm on 18 October 2008

Oil prices have risen 2.9% on expectations that the Organisation of Petroleum Exporting Countries (OPEC) is to cut supplies at an emergency meeting next week.

The jump was also spurred by a broader rise across many financial markets.

US crude settled up $US2 to $US71.85 a barrel, while London Brent crude gained $US1.76 to settle at $US69.60 a barrel.

The rise in oil prices pushed energy shares in Europe sharply higher, driving up markets across the continent.