Members of the Organization of Petroleum Exporting Countries (OPEC) reached an agreement on Wednesday to freeze oil output. In what is the first cut in production since 2008, 14 countries agreed to cap oil output to between 32.5 and 33 million barrels a day. The announcement of the deal was followed by light crude price raising by 5.33% to 47.05 US dollars per barrel after one day of trading on the New York Mercantile Exchange, and Brent oil seeing a 5.92% price-rise ending the day at 48.69 US dollars per barrel.
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