Environment & Energy | Thursday 1 December, 2016 10:37 am |

The oil price surged on Wednesday and global shares climbed after the Organization of the Petroleum Exporting Countries (OPEC) reached a deal to cut production, according to dpa.
The world oil benchmark Brent jumped about 8 per cent to breach the key 50-dollars-a-barrel mark for the first time since October after OPEC officials meeting in Vienna agreed to reduce production by 1.2 million barrels a day to 32.5 million.

The oil cartel's first cut in production in eight years also helped to boost global shares with the eurozone's blue-chip Euro Stoxx 50 closing up 0.43 per cent at 3051.61 points as oil and gas stocks powered ahead.

Shares on Wall Street ended trading largely flat with the Dow Jones Industrial Average edging 0.01-per-cent higher and the broader Standard & Poor's 500 Index falling 0.3 per cent.