Oil rallies after Opec ministers announce output cut

Oil rallies after Opec ministers announce output cut
 

The price of oil has surged after ministers from the world's biggest oil nations announce a deal to cut output for the first time in eight years.
Members of the oil producers Opec cartel agreed to the modest cuts to ease fears of a glut, reports said.
"Opec made an exceptional decision today," Iran's Oil Minister Bijan Zanganeh said after talks in Algeria.
Brent crude, the international benchmark for oil, rose almost 6% to nearly $49 a barrel on the news.
Full details of the agreement will not be released until after a formal Opec meeting in November.
'Sceptical' Many of Opec's... read more

 
28 September 2016 in Business, Views: 48
Source: BBC
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