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Oil prices rise as Opec countries cut output

Some of the world’s top oil-producing countries have agreed to cut the amount they export in a decision expected to raise oil prices around the world.

Members of OPEC+ – a group that includes Saudi Arabia and Russia – said they would slash production by 2 million barrels per day.

The group aims to support prices, which have fallen as the world economy slows.

A barrel of Brent Crude oil was trading at $84.06 in late September down from highs of around $130 this spring.

However, news of OPEC+’s planned production cut pushed prices up by 1% to $92.74 a barrel on Wednesday.

Writing by Omotola Oguneye; Editing by Tony Okerafor