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Oil prices jumped 10 percent on Wednesday above $ 50 a barrel and registered their highest level in amonth an agreement with some of the world 's largest producers to cut production for the first time since 2008 in a bid to support prices.
Oil prices jumped 10 percent on Wednesday above $ 50 a barrel and registered their highest level in amonth an agreement with some of the world 's largest producers to cut production for the first time since 2008 in a bid to support prices.
The end of oil a month on gains of about 5 percent. But analysts and traders said it is unlikely that prices continue to achieve further sharp gains in reaction to the agreement and the rise of the market on Wednesday may continue for a short period.
Agreed Organization of Petroleum Exporting Countries (OPEC) -alta provide one-third of the global supply of oil-cut total output starting from January, about 1.2 million barrels per day, or more than 3 percent to 32.5 million barrels from the current level of 33.64 million barrels per day.
Russia agreed -the major producer outside Oopk- to cut output by 300 thousand barrels a day and said it expects to cut other producers are not members of the organization of their production equally.
OPEC will hold a meeting with non-member producers on the ninth of December.
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