Oil rebounds above $100 as Opec seeks to end overproduction

Oil has rebounded back above the $100 a barrel mark after the president of the Opec producers' group called on members to stop producing more than their quotas. In a statement, Opec admitted that a weakening in global demand for oil has created a 'shift in market sentiment causing downside risks,' to the price of crude. The cartel added that the market is now 'oversupplied' and members should 'strictly comply' with existing quotas. 'If you do your own calculations, it is a cut of 520,000 barrels per day,' said OPEC president and Algerian Energy Minister Chakib Khelil. The news from OPEC pushed crude oil futures up more than 1pc to $104.67 in New York. Before OPEC's statement oil had weakened and Brent crude futures had sunk below the $100 mark for the first time since April.