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Oil Jumps 8% As OPEC Agrees First Production Cut Since 2008
by Reuters|Karolin Schaps and Amanda Cooper|Wednesday, November 30, 2016



Oil Jumps 8% As OPEC Agrees First Production Cut Since 2008
Oil prices jump more than 8% to a five-week high as some of the world's largest oil producers agree to curb oil output for the first time since 2008 in a last-ditch bid to support prices.
Reuters

LONDON, Nov 30 (Reuters) - Oil prices jumped more than 8 percent on Wednesday to a five-week high as some of the world's largest oil producers agreed to curb oil output for the first time since 2008 in a last-ditch bid to support prices.

Brent crude futures for delivery in January were up $3.86, or 8.3 percent, at $50.214 a barrel by 1405 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 $3.94 at $51.26 a barrel.

U.S. West Texas Intermediate (WTI) crude futures were $3.66 higher at $48.89 a barrel, a one-week high.