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OPEC agrees to curb output, crude oil prices soar

by ChemOrbis Editorial Team -
  • 30/11/2016 (17:59)
According to Bloomberg, OPEC members finally came to terms with the production cut in an attempt to curb the global oversupply situation after long-lasting and mostly tense negotiations. Although the decision is not official, crude oil prices have jumped earlier in the day by more than $3/bbl in daily trading.

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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