Daily Business Wrap - Early Christmas gift for oil producers - video Dailymotion

The Opec plus producers clinched a deal to cut oil output by an unexpected 1.2mbpd next year. Brent crude prices jumped more than 6% post the news.

Transcript

00:00Hello and welcome to Gulf News Daily Business Wrap-up. This is Sudej and I'll take up the

00:06stories that are making headlines today. Well, oil producers seem to have got an early Christmas

00:10gift. Brent prices rose more than 6% on Friday and expected to extend gains into this week

00:17after OPEC plus countries as they are commonly known decided to cut output by 1.2 million

00:22barrels per day. Remember, oil prices have fallen more than 30% from a high of $86 per

00:28barrel in October. They were trading at $61 on Friday. US stocks plunged and expected to

00:34be volatile this week after US Labor Department data showed that employers hired fewer number

00:40of workers in November. This rekindles the whole debate about moderation and growth and

00:47analysts think that Fed may not be in a hurry to raise rates soon. UK Prime Minister Theresa May

00:53will be gathering support for her Brexit deal that would come in the House of Commons for vote

00:59on Tuesday. Remember that pound traders will be in this news. Get ready to drive hydrogen-based

01:05electric cars in the U.E. A hydrogen-based electric car may be launched in 2020 as does

01:11the companies are putting infrastructure in place for the launch. Companies like Alphatheme, Toyota,

01:18Mazda and Adnob are trying to put infrastructure in place before the launch.

01:22Remember, we just have one refueling station for hydrogen in the Dubai festival city.

01:28Thanks for watching and that's it from me. For more you can go on to gulfnews.com slash business