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Oil prices rally on OPEC deal

Xinhua, September 29, 2016 Adjust font size:

Oil prices rose on Wednesday as a deal to limit output has been made among Organization of the Petroleum Exporting Countries (OPEC) members.

OPEC agreed on Wednesday to cut oil production to 32.5 million barrels a day from current level of 33.24 million barrels a day, according to media reports.

The group will agree concrete levels of output by each country at its next formal meeting in November.

Analysts said it is the first time in eight years for OPEC to reach an output-cut deal, which is especially bullish for the market.

OPEC members and Russia are holding informal talks on the sidelines of the International Energy Forum in Algeria from Sept. 26 to 28. It has been widely expected that the key oil producers may reach a deal during the meeting to stabilize the market.

The West Texas Intermediate for November delivery added 2.38 U.S. dollars to settle at 47.05 dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery gained 2.72 dollars to close at 48.69 dollars a barrel on the London ICE Futures Exchange. Enditem