OPEC agrees on first oil output cut in 8 years: Reuters

In a surprise move,... OPEC has agreed to cut oil production for the first time in eight years... after two days of round-the-clock talks in Algiers.
Reuters cites two sources within OPEC as saying the cartel would collectively reduce its oil output to 32-and-a-half million barrels a day from the current 33-point-2-4 million.
Despite the understanding on the need for an output cut, OPEC won't finalize the plan until November.
Oil prices surged upon news of OPEC's decision.
Brent crude spiked almost six percent nearing 49 U.S. dollars a barrel.
U.S. West Texas Intermediate jumped five-point-four percent to slightly over 47 dollars, its highest point in three weeks.

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