Oil price surges as Opec and non-Opec members agree deal to cut output

First deal for 15 years seen as gamechanger by analysts who forecast oil price to rise further from $57 a barrel with Saudi Arabia pledging even greater cuts

Oil prices have surged to a 17-month high after a group of the world's largest producers, including Saudi Arabia and Russia, agreed to reduce output.

The weekend deal between Opec and a number of non-Opec members, notably Russia, has pushed Brent crude up 5% to $57.04 a barrel, its highest level since mid-July 2015.