World oil prices leapt yesterday as hopes grew that independent producers are close to meeting OPEC's demands on export curbs to defuse the threat of an oil price war. Norwegian Oil Minister Mr Einar Steensnaes said Norway was willing to slice production and Russia's Deputy Prime Minister said Moscow was ready for action to help bolster oil prices.

London Brent crude futures ended $1.12 a barrel higher at $19.85 (€22.58), up over $3 from Monday's two-and-a-half-year low.