Oil prices have retreated on speculation that Opec is paving the way for a potential boost to production.
The oil cartel meets tomorrow and is reported to be considering the suspension of Russia’s sanctions-hit output from its monthly quotas so that other countries will be free to pump more to meet the shortfall. Brent crude hit $124 a barrel yesterday but fell back to below $115 after last night’s report in the Wall Street Journal.
The house market, meanwhile, continues to show momentum after Nationwide reported a 0.9% month-on-month rise in prices in May.
