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Oil up more than 8 percent on OPEC deal to cut output to 32.5 million bpd

Reuters  |  New York 

By Jessica Resnick-Ault

New York (Reuters) - prices rose more than 8 percent on Wednesday as some of the world's largest producers agreed to curb output for the first time since 2008 in a last-ditch bid to support prices.

OPEC agreed to cut production to 32.5 million barrels per day, Kuwait's minister said. The cuts include Iraq reducing output by 200,000 bpd to 4.351 million bpd beginning in January.

Kuwait, Venezuela and Algeria have agreed to monitor compliance with the OPEC agreement.

Non-OPEC member Russia has agreed to cut output by 300,000 bpd. OPEC will meet with non-OPEC producers on Dec. 9.

U.S. West Texas Intermediate crude futures

Brent crude futures rose $3.79 to $50.17 a barrel, a 8.2 percent gain.

(Additional reporting by Amanda Cooper and Karolin Schaps in London, Henning Gloystein in Singapore; Editing by Marguerita Choy and Chizu Nomiyama)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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Oil up more than 8 percent on OPEC deal to cut output to 32.5 million bpd

New York (Reuters) - Oil prices rose more than 8 percent on Wednesday 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.

By Jessica Resnick-Ault

New York (Reuters) - prices rose more than 8 percent on Wednesday as some of the world's largest producers agreed to curb output for the first time since 2008 in a last-ditch bid to support prices.

OPEC agreed to cut production to 32.5 million barrels per day, Kuwait's minister said. The cuts include Iraq reducing output by 200,000 bpd to 4.351 million bpd beginning in January.

Kuwait, Venezuela and Algeria have agreed to monitor compliance with the OPEC agreement.

Non-OPEC member Russia has agreed to cut output by 300,000 bpd. OPEC will meet with non-OPEC producers on Dec. 9.

U.S. West Texas Intermediate crude futures

Brent crude futures rose $3.79 to $50.17 a barrel, a 8.2 percent gain.

(Additional reporting by Amanda Cooper and Karolin Schaps in London, Henning Gloystein in Singapore; Editing by Marguerita Choy and Chizu Nomiyama)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
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Oil up more than 8 percent on OPEC deal to cut output to 32.5 million bpd

By Jessica Resnick-Ault

New York (Reuters) - prices rose more than 8 percent on Wednesday as some of the world's largest producers agreed to curb output for the first time since 2008 in a last-ditch bid to support prices.

OPEC agreed to cut production to 32.5 million barrels per day, Kuwait's minister said. The cuts include Iraq reducing output by 200,000 bpd to 4.351 million bpd beginning in January.

Kuwait, Venezuela and Algeria have agreed to monitor compliance with the OPEC agreement.

Non-OPEC member Russia has agreed to cut output by 300,000 bpd. OPEC will meet with non-OPEC producers on Dec. 9.

U.S. West Texas Intermediate crude futures

Brent crude futures rose $3.79 to $50.17 a barrel, a 8.2 percent gain.

(Additional reporting by Amanda Cooper and Karolin Schaps in London, Henning Gloystein in Singapore; Editing by Marguerita Choy and Chizu Nomiyama)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22

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