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Oil price rebounds as Opec forces U.S. drillers to cut back: Oil prices are back on the rise after more evidence emerged that Opec’s war on its supply rivals is taking affect

Minister eyes 1 million new homes over 5 years: The government wants 1 million new homes to be built during the next five years to tackle the U.K.’s mounting housing shortage

L&G pours £400 million into Cardiff project: One of Britain’s biggest investors has given its backing to a regeneration project as the government seeks more private money to fund the development of housing and infrastructure.

At 0330GMT today, Brent crude oil one month futures contract is trading 0.76% or $0.37 lower at $48.55 per barrel, ahead of the American Petroleum Institute weekly oil inventory data, scheduled to be released later today. Yesterday, the contract climbed 3.05% or $1.45, to settle at $48.92 per barrel

Low oil prices risk $1.5tn of projects Industry operators expect investment in new projects to drop up to 30%, says a Wood Mackenzie report

Shop floors shrink by 1million sq ft as desperate supermarket chains cut space for first time in a decade: The total floorspace owned by Britain’s supermarkets has shrunk by over a million square feet in the past year - the equivalent of 13 football pitches - the first reduction in more than a decade.

Safehouse heads East in bid for global coverage for hazard-free system: Oil and gas services company Safehouse Habitats, which mitigates the dangers of working in explosive or flammable environments, is to open its first office in Asia, in the Malaysian capital of Kuala Lumpur. The company is pursuing an aggressive overseas expansion, and the KL office will also serve as a base to manage the firm's growing operations in Singapore, Vietnam, Myanmar, Thailand and the Philippines

Drilling for Arctic oil is not viable yet, says IEA Chief: Drilling for oil in the Arctic is not yet commercially viable and may not be for a long time to come, the Chief of the world’s energy watchdog has warned, casting doubt on the controversial practice even as it is being enthusiastically adopted by governments and businesses

Market bets on another year of low rates: Investors are betting that the Bank of England will hold interest rates at their record low for another year - a blow to the millions of homeowners who have rushed to fix mortgages. America’s Federal Reserve surprised the markets last week by keeping rates on hold. Traders have now pushed back their expectations for a U.K. rise from May to September next year, according to bets placed in the futures markets.

Hotel giant to grab Raffles: The InterContinental Hotels Group (IHG) is closing in on a £1.9 billion deal to buy Fairmont, the Canadian giant that owns Singapore’s Raffles hotel.

Birmingham New Street station opens with all the bells and whistles: The railway station once dubbed the worst in Britain will reopen after a five-year, £750 million upgrade in a boost to a beleaguered Network Rail.

Apollo Global wins £1 billion hotel auction: Apollo Global Management has been selected as preferred bidder for a £1 billion hotel asset portfolio that includes the 906-room Holiday Inn Kensington Forum and the Holiday Inn Heathrow

Brent oil prices gained last week, after the US Energy Information Administration reported that crude oil inventory fell by 2.1 million barrels for the week ended 11 September. Brent crude oil prices dropped 3.2% to $47.47/barrel.

Royal Dutch Shell chief executive Ben van Beurden has said that a recovery in the price of oil is hard to foresee. "It is a very, very volatile business in terms of supply and demand. The oil price responds to very small mismatches between supply and demand," he explained. He also added that oil becoming cheaper would not tempt consumers to use more of it, as can happen with other products. "People don't drive to work twice because it's more economical to do so" than it was before, he explained.

Aberdeen oil and gas firm makes find off Norway: Faroe Petroleum has announced it has made a discovery off Norway but shares in the company fell amid indications the find was much smaller than hoped for.

Australia raises concerns over Shell’s $70 billion takeover of BG Group: Australia’s competition watchdog has raised flagged concerns that Royal Dutch Shell’s proposed $70 billion (£47 billion) takeover of BG Group may lessen gas supply competition in the country

Saudi Aramco names new head: Saudi Aramco’s Supreme Council has appointed Amin Nasser as the head of the state oil company.

At 0330GMT today, Brent crude oil one month futures contract is trading 0.12% or $0.06 higher at $49.14 per barrel, amid a weaker dollar following the US Fed decision to hold it’s current near-zero rates. Yesterday, the contract declined 1.35% or $0.67, to settle at $49.08 per barrel.

Galliford Boss to leave after set of record profits: Galliford Try’s outgoing Executive Chairman Greg Fitzgerald will leave the company on a high note after unveiling a record set of full-year profits, buoyed by a string of contract wins and a recovery in the construction and housing markets.

Imagination Technologies slumps on China slowdown: Shares in Imagination Technologies have tumbled 8% after the chip designer warned that a sharp slowdown in the Chinese economy will lead to a loss in the first half of the year. In a trading update for the 18 weeks to September 15, the company said that its sales are going to fall short of previous expectations because the Chinese mobile market is cooling. Imagination generates revenue in two ways: one is through granting a licence for the customer to use the technology; the second is through royalty payments for every unit produced. Investors in the FTSE 250 company have endured a torrid time during the past five years. The valuation has tumbled from about £1.9 billion in March 2012, to around £600 million as increased competition has pushed down chip prices and the digital radio business has slowed. Given the recent market sell-off, the prudent approach is to wait for a better picture of sales during the crucial Christmas period and to see if any bid materialises. Imagination Technologies at 234p-25½p. Questor says “Hold”