Markets rally to oil futures

As US stock inventories rose, concerns that OPEC would cut output led to an increase in the price of oil futures, leading to crude reaching $48 a barrel again.

The issue of supply was underlined by the US Department of Energy, who stated that OPEC cuts could lead to difficulties for refiners to meet demand.

OPEC also indicated that slowing Russian production in the face of increasing Chinese demand could lead to reaching close to capacity pumping for the winter. It announced expectations of having to supply over 30 million barrels a day.