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Following the lead of their OPEC peers, a cabal of 11 countries – which includes the likes of Mexico, Malaysia and, crucially, Russia – has agreed to slash their oil output by just over half a million barrels a day. Understandably Brent Crude was overjoyed at the news, the black stuff surging by 5.5% to cross the $57 per barrel mark; that’s the commodity’s best price in almost a year and a half, and an increase that has had quite the effect on the oil sector this morning.

BP and Shell have risen 2% and 3% respectively, while the likes of Tullow Oil and Premier Oil have rocketed 10% and 13% higher. The UK mining stocks have also had a boost, with BHP Billiton, Anglo American Antofagasta all up between 1.5% and 3%. Interestingly, however, this has only had a minor effect on the FTSE, which barely rose 0.1% after the bell. That muted start might be because if the UK index pushes any higher it will once again reach 7000, a level it flirted with last Friday and one that investors might not feel too comfortable with it crossing.

Like the FTSE the Eurozone indices were fairly quiet this morning; the DAX fell 25 points, while the CAC only managed a 6 point increase. This might be because of Monte dei Paschi-related jitters, with Italy’s oldest bank now on borrowed time as it tries to raise €5 billion in capital.

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Please note this article does not constitute investment advice. Investors are encouraged to do their own research beforehand or consult a professional advisor.

Connor Campbell

Connor Campbell

Connor joined Spreadex in 2014 as part of a newly expanded financial analyst team after graduating from the University of Southampton with an MA in English. His focus is on providing Spreadex's customers with up-to-date and informative news, and is responsible for the market analysis found on the Spreadex website.

Connor produces three daily market updates, a daily stock earnings preview, a weekly financial market preview piece every Friday, a round-up of all the big financial stories making the weekend press every Monday morning and regular stock market features.

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