Oil Futures Rally On Report Of OPEC Output-cap Agreement

By Myra P. Saefong Markets MarketWatch Pulse

Oil futures rallied to new session highs on Wednesday after Reuters reported that the Organization of the Petroleum Exporting Countries has reached a deal to limit crude production. The news agency had reported earlier, citing sources that group may announce a deal, but not provide details until OPEC's official meeting in Vienna on Nov. 30. November West Texas Intermediate crude futures jumped $2.11, or 4.7%, to trade at $46.78 a barrel, minutes ahead of the settlement on the New York Mercantile Exchange. Nov. Brent crude on the ICE Futures exchange was up $2.41, or 5.2%, at $48.38 a barrel.

Continue Reading Below

Copyright © 2016 MarketWatch, Inc.