Oil surges as OPEC confirms further output cuts

Friday, 06. December 2019 16:20

Prices of oil jumped over 2% on Friday as the Organization of Petroleum Exporting Countries formally announced that the cartel and allied crude producers would deepen output cuts in the first three months of 2020.

OPEC's energy ministers agreed to increase production cuts by another 500,000 barrels a day in the first quarter of the next year, relieving concerns about crude stocks piling up. In total, the production will be decreased by 1.7 million barrels per day.

West Texas Intermediate for January settlement soared 2.2%, to sell for $59.52 a barrel at 10:07, while Brent futures for delivery in February jumped 2.16% on the news, going for $64.60 a barrel a minute later.

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