Price gained more than 2% on Monday morning to touch one-month high of $78.73
The price of Brent crude has risen afterSaudi ministers agreed to cut 1m barrels per day from its output from next month at a meeting of the Opec+ group of oil-producing nations in Vienna.
The cuts, agreed in a seven-hour meeting that was delayed amid haggling between countries, will result in Saudi Arabia’s oil output dropping to 9m bpd in July from about 10m bpd in May, the biggest reduction in years.Brent crude, the international benchmark for oil prices, gained more than 2% on Monday morning to touch a one-month high of $78.73 a barrel, before dipping back.
A sustained increase in oil prices could undermine efforts in the UK by the Bank of England and politicians to bring down stubbornly high
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