Decrease in oil prices leads to speculation that Opec will curb output

Brent has advanced on speculation that the drop in prices below $80 a barrel for the first time in four years increases the likelihood that the Organisation of the Petroleum Exporting Countries (Opec) will curb output.

Futures gained as much as 2.8% in London and 1.8% in New York. Opec ministers have stepped up their diplomatic visits before the group’s November 27 meeting, potentially seeking a consensus on how to react to oil prices that have plunged to a four-year low.

Prices may slide further in the coming months as the market enters a period of weaker demand, the International Energy Agency said yesterday.