Oil price climbs 2% on prospect of Opec cuts

Opec agreed to extend oil supply cuts until March 2020, three sources said, as the group’s members overcame their differences in order to prop up the price of crude amid a weakening global economy and soaring US production.

The move will likely anger US President Donald Trump, who has demanded Opec leader Saudi Arabia supply more oil and help reduce prices at the pump if Riyadh wants US military support in its standoff with arch-rival Iran.