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 ... (full story)