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OPEC to cut oil production for 1st time since 2008

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OPEC to cut oil production for 1st time since 2008

OPECleaders struck a deal to cut oil production by up to 700,000 barrels per day,seeking to cut into what they consider to be oversupply and add support toglobal oil prices.

OPECwill reduce its production limit to a range of 32.5 million to 33 million bbl/dfrom the current estimated output of 33.24 million bbl/d, according to anannouncement from OPEC's Algeria meeting.

Brentcrude rose by 5.9%, or $2.72, to end at $48.69 per barrel, after reaching amore-than-two-week high of $48.96, according to Reuters, which initiallyreported the agreement. West Texas Intermediate crude rose 5.3%, or $2.38, tosettle at $47.05, after reaching $47.96, its highest point since Sept. 8,Reuters reported.

Theagreement to cut production is a first since 2008 and comes months afterfailed talks for a productionfreeze in April. The organization also intends to reach out to non-memberoil producers to work on means to help alleviate the global oversupply.