Oil soars as non-OPEC producers agree on caps

Oil soared on Monday following a landmark deal by Russia and other non-OPEC producers to join the cartel in capping output, in a bid to end a stubborn global glut that has hammered prices. Russia and 10 other states on Saturday said they will reduce their production by more than half a million barrels per day (bpd), the Organization of the Petroleum Exporting Countries announced. The move marks the first time non-OPEC members have reached an agreement since 2001, and follows a similar deal by OPEC last month.