Oil rallies after Opec ministers announce output cut

Thursday, 29 September 2016 - 7:59


The oil producers cartel Opec has agreed a preliminary deal to cut production for the first time in eight years, sending crude prices surging.

The major oil exporting nations struck the deal at talks in Algeria on Wednesday to ease fears of oversupply.

Brent crude, the international benchmark for oil, rose almost 6% to nearly 49 dollars a barrel on the news.