Oil rallies after Opec ministers announce output cut

The Oil producer’s cartel, Opec has agreed a preliminary deal to cut oil production for the first time in eight years, sending crude prices surging.

The major oil exporting nations struck the deal at talks in Algeria to ease fears of oversupply.

Brent crude, the international benchmark for oil, rose almost 6 percent to nearly 49 dollars a barrel on the news.
 
While oil saw only small gains in early Asian trade, energy firms across the region soared.
 
Oil ministers say full details of the agreement will be finalized at a formal Opec meeting in November.
 
BBC