Oil futures battle above $40/b

The Brent contract for January delivery was firm this morning in London, trading at around $43.70/b, reflecting a hint optimism about the world economy that prompted a surge in global commodity and equity markets on Monday. Opec's assertion that it would cut production at its meeting in Oran, Algeria, next week also injected some strength into oil prices, which had fallen to four-year lows beneath $40/b last week.