According to Reuters, OPEC and its Russia-led allies moved closer on Friday to clinching a deal that would cut oil production by more than the market had expected. The producer club will curb output by 0.8 million barrels per day from January while non-OPEC allies contribute an additional 0.4 million bpd of cuts. The OPEC deal has yet to be approved at a meeting with the non-OPEC allies later on Friday, but most ministers indicated those talks would be smooth.