Oil Keeps Rising After OPEC Output Deal
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Agreement will cut output by 1.2 million barrels, though questions over enforcement remain.
Oil prices rose on Thursday, building on gains made after OPEC struck a long-sought agreement to reduce production by 1.2 million barrels a day.
Both U.S. and international crude futures are trading north of $50 a barrel. West Texas Intermediate, the U.S. benchmark, is up $1.27, or 2.57%, at $50.71. Brent crude, the global benchmark, is up $1.41, or 2.72%, at $53.25 a barrel.
The agreement struck by representatives of the Organization of the Petroleum Exporting Countries marked the group’s first concerted effort to slash output since 2008 and sent U.S. crude prices up more than 9% Wednesday.
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