Organisation of Petroleum Exporting Countries Eyes Oil Price Hike

The price of Brent, the global benchmark for crude, gained $1.62 by rising to $93.4/barrel as oil producers agreed on a major production cut. <br />Members of the Organisation of Petroleum Exporting Countries and their Russia-led allies agreed on a major cut in oil production a move to prop up prices that could bolster sanction-hit Moscow’s coffers and irk Washington. <br />AFP reported that the 13-nation OPEC cartel and its 10 Russian-led allies agreed to reduce two million barrels per day from November at a meeting in Vienna,