View full page at forexfactory.com

 

Oil settles up 5.3% at $47.05 after report OPEC reaches deal to limit oil output

From cnbc.com

Oil prices rose more than 4 percent on Wednesday on a report that OPEC members have reached a deal to limit oil supply. Sources told Reuters OPEC had agreed to limit oil production to 32.5 million barrels per day. Once the group reaches its target, OPEC will go to non-OPEC producers for output support, once source said. Sources earlier told Reuters the cartel could announce an output-freeze deal on Wednesday in Algeria, although full details are unlikely to be firmed up before a formal meeting of the Organization of the Petroleum Exporting Countries in November. They spoke on condition of anonymity as no decision had ... (full story)

Story Stats

  • Posted:
  • Category: Breaking News