OPEC increases output

OPEC have agreed to increase output by 500,000 barrels a day.

The move comes in response to continued high oil prices, and is unusual in that spring quotas are usually associated with cuts due.

OPEC also suggested another possible raise in output beween April and June.

However, OPEC members are already believed to be supplying above the current limit, so the move could have only a very limited effect on bullish oil markets.