Oil prices surge after surprise move to cut output

Oil prices have surged after several of the world’s largest exporters announced surprise cuts in production.

The price of Brent crude oil is trading close to $85 a barrel after jumping by almost 6%.

Economists warned that higher oil prices could make it harder to bring down the cost of living.

But the RAC motoring group said it does not expect petrol prices to rise unless the higher oil price is sustained over several days.

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