Crude Oil Soars Above $51 As OPEC/Russia Reach Deal
WASHINGTON (dpa-AFX) - Crude oil futures skyrocketed Thursday, after OPEC surprisingly announced a deal to curb supplies.
Although the cartel had foreshadowed the agreement, traders were skeptical OPEC would go through with it.
Russia joined the deal, the first of its kind between the Kremlin and OPEC in fifteen years.
January West Texas Intermediate crude rose $1.62, or 3.3%, to settle at $51.06 a barrel on the New York Mercantile Exchange.
That's the highest settlement price in six weeks.
Copyright RTT News/dpa-AFX