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OPEC and allies agree to cut oil production by 1.2 million barrels per day

Major oil producers have reached a deal to cut oil production and boost the market, following two days of grueling negotiations and despite opposition from U.S. President .

clinched the deal with allied oil-producing nations including Russia at its headquarters in Vienna, Austria on Friday. The gathering came after at a closely-watched meeting on Thursday, with OPEC unable to agree on the terms of crude output cuts.

The alliance will take 1.2 million barrels per day off the market for the first six months of 2019. The 15-member OPEC cartel has agreed to reduce its output by 800,000 bpd, while Russia and the allied producers will contribute a 400,000 bpd reduction.

The deal is in line with expectations for the allies to throttle back output by 1 million to 1.4 million bpd.

, the international benchmark for oil prices, was trading at $63 a barrel, up 4.9 percent, at 11:15 a.m. ET (1615 GMT). (WTI) stood at $53.69, around 4.3 percent higher.

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