Oil prices rise despite doubts over OPEC output deal
Oil prices added Thursday to steep gains fuelled by OPEC's deal to cut crude output, but analysts doubted the cartel's ability to seriously tackle a supply glut. Following a meeting that included Russia, the Organization of the Petroleum Exporting Countries stunned markets Wednesday by saying it planned to trim total production by some 750,000 barrels per day. The cartel's announcement of a first official reduction in eight years sent crude prices surging six percent Wednesday, while energy firms across the globe have seen their share prices soar.