Oil climbs above US$50 as Opec agrees to first output cut since 2008
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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 to more than US$50 a barrel after Riyadh signalled it had finally reached a compromise with Iran after insisting in recent weeks that Tehran fully participate in any cut.
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