Opec worries dent oil prices

Oil fell back from one-year highs yesterday on fears that a production cut by the world’s largest exporters might not be enough to erode a two-year old global surplus of unwanted crude oil.

Oil prices jumped as much as 3% on Monday, after Russia and Saudi Arabia both said a deal between Organization of the Petroleum Exporting Countries (Opec) and non-Opec members such as Russia in curbing crude output was possible.

December Brent crude oil futures were down 42c at $52.72 a barrel yesterday, below Monday’s one-year high at $53.73, but off an intraday low at $52.51.