Oil prices rise and oil-producing nations agree to reduce output
Oil prices rose over 10% on Wednesday to over $50/barrel, with crude prices rising nearly 5%. The Organisation of the Petroleum-Exporting Countries has agreed to cut production by 3%, in a bid to support prices. This drop will take production from 33.6m bpd to 32.5m bpd. Saudi Arabia, OPEC’s de facto leader, will lead the…