Oil Price up After OPEC Holds Output

Crude oil prices are up about 0.6% after ministers from OPEC announced plans to maintain current production levels at 30 million barrels per day. Oil prices had fallen 5% over the previous two sessions, with investors worrying about oversupply. OPEC urged member countries to adhere to the production ceiling. OPEC has 12 member countries that between them sit on 80% of the world's oil reserves and produce around a third of the world's oil exports.