Oil Prices Surge 7% After OPEC Output Cut

November 30th, 2016

Awake Goy

Oil Prices Surge 7% After OPEC Output Cut

November 30th, 2016

Update: OPEC Agrees to Cut Production in Drive to End Record Glut

—

Via: Reuters:

Oil prices jumped as much as 8 percent on Wednesday to a five-week high as some of the world’s largest oil producers gathered in Vienna to try to agree to a production cut that could be bigger than expected.

An OPEC source said the group had agreed on a plan to cut output based on an outline hammered out in Algiers in September.

Brent crude futures for delivery in January were up $3.54, or 7.6 percent, at $49.92 a barrel by 8:31 a.m. ET (1331 GMT), recovering from a drop of nearly 4 percent on Tuesday and on course for their biggest one-day move in nine months. Brent crude for delivery in February was up $3.76 at $51.08 a barrel.

U.S. West Texas Intermediate (WTI) crude futures rose $3.16, or 7 percent, to $48.39 a barrel, a one-week high.

<!–