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Oil price and stock markets rise as Opec cuts crude output

Apparent U-turn by Saudi Arabia means cartel will cut production for first time since 2008 in bid to reduce the global glut and boost revenues Oil and share prices have risen after Opec members struck a deal to limit crude output for the first time since 2008, in a bid to ease a global glut that has halved crude prices in the past two years. The group of leading oil producing countries has agreed to limit production to between 32.
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