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Oil surges 5 percent as OPEC agrees output cut

Reuters  |  LONDON 

By Julia PayneLONDON (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 ...

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First Published: Fri, December 07 2018. 20:31 IST