Markets welcome cartel deal to cut production but motorists told price rise will filter through quickly to the petrol pumps

Oil prices have reached their highest level in a year amid hopes in financial markets that the Opec cartel will make a deal to curb crude production stick.

The cost of a barrel of Brent crude rose by more than $2 to just over $54 a barrel as the rally that greeted news of an agreement reached by producing nations in Vienna extended into a second day.

Related: With its deal on barrel quotas, Opec is back on the radar – for now

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