[Business Insider]
Elena Holodny
September 28, 2016
Oil is going through the roof following a Reuters report citing sources that say OPEC has reached a deal to limit oil production, with the deal going into effect in November.
Prices for Brent crude oil, the international benchmark, surged by as much 6.3%, to $49.44 per barrel, around 2:33 p.m. ET.
WTI Crude is up 4.8%, at $46.82 per barrel, as of 2:45 p.m. ET.
US energy stocks are rallying on the news, with BP up 3.7%, Exxon Mobil up 4.1%, and Chevron up 3.1% around 2:37 p.m. ET.
Petro-currencies are rallying as well, with the Russian ruble up 1.1%, at 63.1506 per dollar, and the Norwegian krone up 0.8%, at 8.0466 per dollar, around 2:47 p.m. ET.
Here's the key detail from the Reuters report:
"OPEC agreed on Wednesday to reduce its oil output to 32.5 million [barrels per day] from the current production levels of around 33.24 million bpd, two OPEC sources told Reuters. ...
"One source also said that once production targets were reached, OPEC would reach out to non-OPEC producers for cooperation."
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