CNBC | Oil prices surge as source says OPEC has agreed to plan to cut output
Oil prices jumped as much as 8 percent on Wednesday to a five-week high as some of the world's largest oil producers agreed to curb oil output for the first time since 2008 in a last-ditch bid to support prices.
Brent crude futures for delivery in January were up $3.63, or 7.8 percent, at $50.01 a barrel by 10:55 a.m. ET (1555 GMT), recovering from a drop of nearly 4 percent on Tuesday and on course for their biggest one-day move in nine months. Brent crude for delivery in February was up $3.63 at $50.95 a barrel.
U.S. West Texas Intermediate (WTI) crude futures rose $3.23, or 7.1 percent, to $48.46 a barrel, a one-week high.
The Organization of the Petroleum Exporting Countries has agreed its first output limiting deal in eight years, an OPEC source told Reuters as the debates continued in Vienna on the exact size of each member's cuts.