Oil & gas

Brent crude jumped 3.25 percent, briefly touching above $50 a barrel at 1:35pm GMT after the International Energy Agency (IEA) reported OPEC will produce less oil in the second half of 2015, as weak prices cut into revenues.

The Paris-based energy group slashed OPEC’s supply growth to 950,000 barrels a day, a decrease of 350,000 barrels a day, on the assumption of record-low oil prices will stymie production in the 12 OPEC countries, which are losing revenue as oil prices plunge. On Friday, Brent briefly recovered above $50 a barrel with WTI slightly behind at near $48 a barrel.

 Oil jumps after IEA hints at ‘price recovery’ and OPEC slowdown