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Oil climbs above US$50 as Opec agrees to first output cut since 2008

Thursday, December 1, 2016 - 05:50
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Opec has agreed on its first limit on oil output since 2008, sources in the producer group told Reuters, with Saudi Arabia accepting "a big hit" on its production and agreeing to arch-rival Iran freezing output at pre-sanctions levels.

Vienna

OPEC has agreed on its first limit on oil output since 2008, sources in the producer group told Reuters, with Saudi Arabia accepting "a big hit" on its production and agreeing to arch-rival Iran freezing output at pre-sanctions levels.

Brent crude futures jumped 8 per cent

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