OIL PRICES RISE ABOVE $ 100

Global oil prices rose above $100 (R1 683) per barrel yesterday as the prospect of cuts in output by the Organisation of the Petroleum Exporting Countries and their allies (OPEC+) outweighed global economic growth fears for now. The Brent crude climbed by 2.6 percent to $103.60 (R1 743) per barrel following a 4.4 percent gain last week, as investors balanced supply side issues against fears that a prolonged global economic slowdown would hurt fuel demand.