Oil prices recover as Opec and allies agree to cut output

Oil prices recover as Opec and allies agree to cut output
 

Oil prices have rallied as the world’s major producers agreed a deeper-than-expected cut in output on Friday, recovering the losses of the previous day, when oil-rich states failed to reach a deal.
Opec and allies including Russia, which together account for half of the world’s oil production, have committed to reducing output by around 1.2mb/d a day.
The price of international benchmark Brent crude has plunged by a third since the start of October to about $60 a barrel due to fears that the market is oversupplied.
But prices bounced up nearly 3% on Friday to $62.92 a barrel after the oil... read more

 
Friday, 17:29 in Business, Views: 60
Source: Guardian
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