While you were sleeping: Oil surges on OPEC deal

Wed, 30 Nov 2016

By Margreet Dietz Dec. 1 (BusinessDesk) - Oil rallied, as did energy stocks, after OPEC agreed on details to cut output for the first time in eight years as it aims to stem a global glut. West Texas Intermediate crude futures jumped 8.8 percent to US$49.19 a barrel in early afternoon trading in New York. The Organisation of Petroleum Exporting Countries agreed to cut production to 32.5 million barrels per day, down from the current 33.64 million, according to media reports. “This should be a wake-up call for sceptics who have argue...

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