It is feared fuel prices will go up after the world's largest group of oil exporters agreed to cut production.

Oil gained after Opec’s president said the group will hold informal talks in Algiers next month and predicted the current bear market would be short lived.

Oil producers including Gulf Opec members support holding talks next month on a deal to freeze output even if Iran declines to participate, Opec sources said, as political pressure to prop up prices increases.