Oil Climbs Most in Five Months as OPEC Agrees to Deal Outlines
- Members to cut output to as low as 32.5 million barrels a day
- U.S. gasoline supply rises, crude stockpiles decline: EIA
Oil Surges as OPEC Said to Agree on Oil Output Cut
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Oil increased the most since April after OPEC agreed to limit production for the first time in eight years at an informal meeting in Algiers.
Futures advanced 5.3 percent in New York. The group agreed to reduce output to a range of 32.5 to 33 million barrels per day, said Iran’s Oil Minister Bijan Namdar Zanganeh. Saudi Arabia and Iran wrong-footed traders who expected a continuation of the pump-at-will policy the group adopted in 2014. Prices fell earlier as a government report showed a U.S. gasoline supply gain.