Oil prices leap as Russia agrees to cut output

Oil prices are leaping following OPEC’s agreement to cut production. Now, with Russia on board, they’re increasing more.

U.S. crude futures jumped more than 5 percent on Monday after Russia and other non-OPEC nations agreed to slash oil production starting next month.

The group - which also includes Mexico and Kazakhstan -- will aim to reduce their production by 558,000 barrels a day.

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