Oil rallies after Opec agrees to cut output by 1.2m barrels a day

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Oil rallies after Opec agrees to cut output by 1.2m barrels a day


Oil prices jumped 5 per cent as Opec broadly agreed a deal to cut oil production by 1.2m barrels a day.

One Opec delegate said the pact between cartel members had been reached for a combined cut with allies outside the group led by Russia.

Iran has been granted an exemption from the cuts as it is under sanctions from the US, the delegate said.

Brent was recently up 5 per cent to $63 a barrel.

More to come…



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