Oil prices have rallied as the world’s major producers agreed a...

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 cartel and its partners reached a deal.At a meeting in Vienna this week oil ministers have been trying to plot a course between protecting their revenues and avoiding angering the US president, Donald Trump, who has urged Opec against stopping the oil flowing and pushing prices higher.

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