OPEC agrees to curb output, crude oil prices soar
January ICE Brent futures for January moved above the threshold of $50 per barrel on Wednesday’s daily trading after closing Tuesday at $46.38/ton. WTI futures on NYMEX soared as well to push near the $49/bbl level while February futures moved above it in daily trading.
OPEC will cut production by 1.2 million barrels a day to 32.5 million a day, according to Bloomberg. The meeting is still proceeding at the time of press with no official announcement about the details of who will cut by how much.
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