Vienna, Austria (BBN)-Crude oil prices were volatile after ministers from the Opec cartel decided to hold production levels at 30 million barrels per day.
Brent crude traded in a narrow range around $62 a barrel, before ending the day up 1.8 per cent at $63.15, reports BBC.
West Texas Intermediate, or light sweet crude, was similarly indecisive, falling before recovering to about $58.9 a barrel, up 1.4 per cent.
Oil prices had fallen 5 per cent over the previous two sessions.
Investors had worried that Opec might increase supply, thereby pushing prices down oil prices have fallen about 45 per cent over the past year.
But Opec urged member countries to adhere to the production ceiling.
Qatar’s Minister of Energy and Industry said: “We have witnessed much volatility in the global oil industry.”
Mohammed Bin Saleh al-Sada said the markets have seen continued oversupply.
Opec has 12 member countries that between them sit on 80 per cent of the world’s oil reserves and produce about a third of the world’s oil exports.
BBN/ZI/AD