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OPEC agrees surprise oil output cut

Algerian Energy Minister Noureddine Boutarfa attends an informal meeting between members of the Organization of Petroleum Exporting Countries on September 28, 2016The Organization of Petroleum Exporting Countries (OPEC) agreed Wednesday to cut oil production, ministers said, in a surprise move aimed at boosting persistently weak crude prices. The news triggered an immediate spike of more than 5 percent in crude prices, as markets had expected the Algiers meeting to end without agreement. In London benchmark Brent North Sea crude for November delivery rose $2.72 to $48.69, while in New York a barrel of West Texas Intermediate (WTI) was up $2.38 to $47.05.

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