Oil price rise eases after Opec vow

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Prices rose by more than a dollar after the Organisation of Petroleum Exporting Countries meeting ended in the pre-dawn hours in Vienna, Austria, but have quickly eased.

Expectations that Hurricane Ike would pose little serious threat to US Gulf of Mexico oil and gas installations also are helping keep prices in check. Ike is expected to take a path would likely keep it well out of the way of Gulf Coast oil and gas installations.

Light, sweet crude for October delivery is up 8 cents to 103.34 dollars a barrel in electronic trading on the New York Mercantile Exchange in Dubai.

The cartel said it would produce 28.8 million barrels a day, consistent with levels agreed in September last year.

The outcome effectively meant member countries had agreed to cut back 520,000 barrels a day of excess production. Countries regularly produce oil above the organisation's overall quota to maximise revenues.

The deal is seen as a compromise to avoid new turmoil in crude markets while seeking to prevent oil prices from falling too far.

October Brent crude was trading at 101.27 dollars, slightly up after having fallen below 100 dollars for the first time since the beginning of April.

The New York price has dropped nearly 30% from the 147 US dollar high seen in July as projections of slower global economic growth dampened demand, and there were fears Opec could cut production quotas to shore up prices.

Petrol prices on UK forecourts have not fallen as quickly as oil prices, with average unleaded petrol down from July's peak of 119.7p to 112.7p at the weekend - a drop of nearly 6%. Average diesel prices have fallen from 133.3p to 124.1p, just under 7%.