Crude oil prices were volatile after ministers from the Opec cartel decided to hold production levels at 30 million barrels per day.

Brent crude traded in a narrow range around $62 a barrel, before ending the day up 1.8% at $63.15.

West Texas Intermediate, or light sweet crude, was similarly indecisive, falling before recovering to about $58.9 a barrel, up 1.4%.

Oil prices had fallen 5% over the previous two sessions.

Investors had worried that Opec might increase supply, thereby pushing prices down – oil prices have fallen about 45% over the past year.

But Opec urged member countries to adhere to the production ceiling.

Qatar’s Minister of Energy and Industry said: “We have witnessed much volatility in the global oil industry.”

Mohammed Bin Saleh al-Sada said the markets have seen continued oversupply.

Opec has 12 member countries that between them sit on 80% of the world’s oil reserves and produce about a third of the world’s oil exports.