The price of oil has surged after Ministers from the world's biggest oil nations announce a deal to cut output for the first time in eight years. Members of the oil producers Opec cartel agreed to the modest cuts to ease fears of a glut, reports said.
Iran's Oil Minister Bijan Zanganeh said after talks in Algeria Opec made an exceptional decision. Full details of the agreement will not be released until after a formal Opec meeting in November. Brent crude, the international benchmark for oil, rose almost 6 per cent to nearly 49 dollars a barrel on the news.

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