Opec Agrees to Cut Oil Production
Oil held gains after the biggest advance since April as OPEC agreed to reduce production for the first time in eight years, surprising traders who had expected members to maintain output. Futures were little changed in New York after surging 5.3 percent Wednesday. The Organization of Petroleum Exporting Countries agreed to cut production to a range of 32.5 million to 33 million barrels a day, Iran’s Oil Minister Bijan Namdar Zanganeh said after the meeting in Algiers. JPMorgan Asset Management Head of European Equity Strategy Stephen MacKlow-Smith discusses with Bloomberg's Anna Edwards and Manus Cranny on "Countdown."