ChinaUS EUROPEASIA 中文双语Français

Oil prices soar after OPEC deal

Xinhua | Updated: 2016-12-02 05:56

NEW YORK -- Oil prices soared Thursday after the Organization of the Petroleum Exporting Countries (OPEC) clinched an agreement to cut production, first of its kind since 2008.

The deal triggered frenzy trading for the second consecutive day. Benchmark Brent oil climbed to the highest level this year in intraday trading and hit record trading volumes for February and March.

OPEC agreed on Wednesday to cut output by 1.2 million barrels per day to 32.5 million for the first half of 2017, prompting predictions of a possible crude price rally to 60 U.S. dollars a barrel.

The West Texas Intermediate for January Delivery increased 1.62 U.S. dollars to settle at 51.06 dollars a barrel on the New York Mercantile Exchange, while Brent crude for February delivery added 2.1 dollars to close at 53.94 dollars a barrel on the London ICE Futures Exchange.

Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349