Oil jumps over 4% as OPEC+ reaches deal

Markets 12/7/2018, 3:39 PM
Oil jumps over 4% as OPEC+ reaches deal

Crude prices traded sharply higher on Friday as investors digested the news that the OPEC+ has reached a deal on the global oil output cuts earlier today. The cartel and non-OPEC producers led by Russia agreed to curb oil production by 1.2 million barrels per day, starting from January. Russia and non-OPEC oil producers will cut production by 400,000 barrels per day, while Iran, Venezuela and Libya were exempted from the reductions. Russia's part will be around 230,000 bpd.

West Texas Intermediate for January delivery gained 4.12%, changing hands for $53.67 per barrel at 3:34 pm CET while the international benchmark Brent for settlements in February rose 4.75% to $62.90 per barrel at 3:35 pm CET.

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Brent Crude (...-0.45%

59.92
Chart for: F BRN 2/19

F WBS-0.49%

50.90
Chart for: F WBS 1/19