For the first time since 2001 OPEC has agreed coordinated action with non-member oil producers to support the oil price.

The deal between the production cartel and a number of other countries, including Russia, Kazakhstan and Oman, is for a production cut of 558,000 barrels of oil and helped lift the oil price to its highest level since July 2015.

The Brent benchmark traded within touching distance of $60 per barrel which is a level that both Royal Dutch Shell (RDSB) and BP (BP.) have signalled they could fund capex and dividends from organic free cash flow.