Reports of cut in global oil production boosts oil stocks

The price of Brent North Sea oil rocketed five per cent Friday on reports that OPEC and non-OPEC crude producers had agreed to slash crude output.

Brent surged to $63.07 per barrel, while New York's WTI advanced by almost 5.0 per cent after Bloomberg reported that producers, including oil kingpins Saudi Arabia and Russia, had agreed to cut output by a combined 1.2 million barrels per day.