Oil soars over 7% as OPEC agrees output cut

Market Reports | Business | Markets 11/30/2016, 2:41 PM
Oil soars over 7% as OPEC agrees output cut

Energy prices traded dramatically higher, soaring over 7% as the Organization of the Petroleum Exporting Countries (OPEC) finalized the long-awaited output cut agreement. An OPEC delegate confirmed the deal between oil producers has been made and that the countries are talking over the details for the monitoring committee. Crude prices traded at 5-week highs after the source stated that oil producing countries agreed to cut oil output by 1.2 million barrels per day to 32.5 million barrels per day.

West Texas Intermediate for January delivery jumped 7.21%, changing hands for $48.47 per barrel at 2:38 p.m. CET. Meanwhile, international benchmark Brent for settlements in January surged 7.96% to trade for $50.07 per barrel at 2:37 p.m. CET.

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