Oil companies are helping to drive the FTSE 100 to a nine-month high this morning, after the Opec group and Russia agreed a production deal.
After much wrangling, the oil producers agreed to only raise production by 500,000 barrels per day from January. That’s rather less than the 2m bpd they’d previously inked in.
The decision means that oil output will only increase modestly next month, when existing supply cuts end.
The news pushed Brent crude as high as $49.92 per barrel this morning, close to the $50 mark for the first time since early March.
Shares in energy firms are rallying too, with Royal Dutch Shell and BP both up 2%.