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Oil majors BP and Royal Dutch Shell spring a leak after Middle East oil cartel Opec fails to slash production

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PUBLISHED: 21:50, 4 December 2015

Oil majors sprang a leak but airlines flew higher after Middle East oil cartel Opec failed to slash production.

Shares in BP fell 8.85p to 359.7p and Royal Dutch Shell surrendered 29.5p to 1599.5p as the oil-producing club opted to keep pumping near-record volumes of crude.

The price of a barrel of Brent crude was 0.8 per cent down at $43.49 and the cost of US light crude dropped nearly 2 per cent to around $40 amid fears of a continued supply glut.

The Opec meeting ended without agreement on a new output limit, disappointing those who had hoped for a reduction – which would have increased prices.

Nourn Eldeen Al-Hammoury at Abu Dhabi-based broker ADS Securities said: ‘With Iran looking to pump more than one million barrels once sanctions are lifted, such an approach is likely to put a lot more pressure on crude prices.’

However, that was music to the ears of investors in big fuel users, such as airlines and tour operators.

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