Opec members have agreed to increase oil production by 500,000 barrels a day to meet concerns about rising demand.

The 12-nation oil producers' cartel agreed to support a proposal from influential member Saudi Arabia to raise daily production from 1 November.

Oil prices have been touching record highs on fears of a growing imbalance between supply and demand.

But despite Opec's decision US light crude settled at a record closing price of $78.23, up 74 cents.

http://news.bbc.co.uk/1/hi/business/6988559.stm