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Markets rally after Opec agrees to cut oil production – business live

Discussion in 'Market News' started by Lily, Sep 29, 2016.

  1. Lily

    Lily Forum Member

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    Shares jump in Asia and Europe after oil producers agreed to cut production for the first time in eight years, by around 700,000 barrels per day

    7.34am BST

    Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

    “We have decided to decrease production by around 700,000 barrels per day.

    After reaching its group target, it will seek support from non-member oil producers to further ease the global glut.

    Brent crude settled up $2.72, or 5.9%, at $48.69 a barrel, hitting a more than two-week high of $48.96. US West Texas Intermediate (WTI) crude rose by $2.38, or 5.3%, to settle at $47.05, after a peak $47.45, its highest since 8 September.

    Related: Oil prices rise 6% after Opec agrees to limit crude output

    “This is a historic deal. This is the first time Opec and non-Opec will agree together in over a decade. This should put a floor on oil and should see oil move back toward the $60s.”

    #OPEC boost to equities - #Europe looking for a stronger start. pic.twitter.com/MbCCcVW7Pz

    Related: Europe's banks 'not investable' says top banker amid Deutsche Bank crisis

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