Update: Oil rallies 3% as Saudi Arabia and Russia agree production freeze

First move to end oil glut

The price of oil has risen 3% as the result of a deal made by Saudi Arabia and Russia to freeze output at January levels.

Brent crude has climbed to $33.17 per barrel this morning, according to Bloomberg, after falling back by $1.21 in the previous session. Brent crude had closed at $32.01 on Tuesday, after rising to $35 at one point during the day. At its lowest point last month, oil was trading at $27.88, and is currently around 70% below its peak in 2014. WTI crude oil still remains slightly below $30, trading at $29.62 per barrel. Commodity companies were also significant risers on the FTSE 100, which is up 1.3% this morning. Glencore is up 9.4% to trade at 112p while Anglo American is up 6% to tr...