Oil is, quite literally, going through the roof following a Reuters report which stated that OPEC had reached a deal effective from November to limit oil production.

OPEC have agreed to reduce their oil output from 33.24 million barrels a day to 32.5 million barrels a day.

Once these targets have been reached, OPEC will reach out to non-OPEC producers for their cooperation.

US energy stocks have been rallying on the news with BP, Exxon Mobil and Chevron’s markets all receiving an increase.

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