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Oil Surges 5 Percent as OPEC Agrees Output Cut

Posted December 07, 2018

Under Economic Issues, International Trade Issues

(Julia Payne – Reuters)

Oil prices jumped more than 5 percent on Friday as big Middle East producers in OPEC agreed to reduce output to drain global fuel inventories and support the market.

Benchmark Brent crude oil rose $3.48 a barrel to a high of $63.54 before easing back to around $63.20 by 1450 GMT. In early trade, Brent had fallen below $60 when it looked as if oil exporters might not agree.

U.S. light crude rose $2.69 to a high of $54.18 a barrel before slipping to around $53.80.

Prices fell almost 3 percent on Thursday after the Organization of the Petroleum Exporting Countries ended a meeting in Vienna with only a tentative deal to tackle weak prices. Talks with other producers were held on Friday. Click here to read more.