Oil rises on fresh Opec moves

Opec moved yesterday to cap Nigerian oil output and called on several members to boost compliance with production cuts to help clear excessive global stocks and support flagging prices.

Opec has agreed with several non-Opec producers led by Russia to cut oil output by a combined 1.8m barrels per day (bpd) from January 2017 until the end of March 2018.

Opec states Libya and Nigeria were exempted from the limits to help their oil industries recover from years of unrest.