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Oil prices have risen above $80 a barrel for the first time, a day after Opec moved to boost its output of crude in an effort to ease cost pressures.

US light, sweet crude surpassed the landmark level before closing slightly lower at $79.91.

Opec members said they would raise production by 500,000 barrels a day but some analysts have said the move is little more than a token gesture.

Figures also showed a sharp decrease in US crude stockpiles last week.

Market speculation

Analysts have warned prices could go even higher, even if supplies are boosted.

As well as increasing global demand, many investors are speculating that oil prices will keep rising and buying the commodity.

source: news.bbc.co.uk

Good for the oil giants, not good for us