Market cautious ahead of Opec meeting

Saudi oil minister Ali Naimi said yesterday that Opec would "probably stay the course", suggesting the oil cartel would leave its current output levels unchanged.

But the oil market is likely to keep its options open before Thursday's Opec meeting despite the comments by the cartel's de facto leader.

Opec, which produces more than 40 per cent of the world's crude oil, has in the past misled traders and made a U-turn at the very last minute, so many are still prepared for a cut.