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Oil price surges as Opec and non-Opec members agree deal to cut output
The Guardian: Oil prices have surged to a 17-month high after a group of the world’s largest producers, including Saudi Arabia and Russia, agreed to reduce output in a landmark deal.
The weekend agreement between Opec and a number of non-Opec members, notably Russia, has pushed Brent crude up more than 4% to $56.64 a barrel, its highest level since mid-July 2015. West Texas Intermediate, the US benchmark, is up 4.4% at $53.78.
The move follows an agreement last month by Opec to cut production by 1.2m barrels a day from 1 January next year, following weeks of wrangling.
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