Oil tops $47 on Russian agreement

Crude oil futures pared gains yesterday after top producers Russia and Saudi Arabia confirmed they had agreed to co-operate on stabilising the oil market, including limiting output.

Brent crude futures for November delivery were up 44c per barrel at $47.27 (€42.38) a barrel in late London trade.

They earlier hit a session high of $49.40 in anticipation of the Russia-Saudi deal.