OPEC rules out increase in oil output

Oil producers' cartel Opec has agreed to keep output steady at a meeting in Abu Dhabi despite pressure on it to raise production to dampen prices. They argue that the increase in output in September means that there are sufficient supplies of oil available for the winter period. They claim thre is no reason for oil to be trading at $100 a barrel and blame speculators for increasing the price.

BBC News provides a good analysis of the reasons for rising oil prices.
http://news.bbc.co.uk/1/hi/business/7048600.stm