Investing.com - Oil prices settled higher today, the day after the Organization fo Petroleum Exporting Countries (OPEC) reached a deal to cut oil production by 1% to 1.2 million barrels a day. Prices were over 5% higher on intraday trading.
U.S. and international futures this morning were trading for more than $50 a barrel. West Texas Crude Oilsettled up $1.62, or 3.3 percent, to $51.06 a barrel. Earlier in the day the price had reached $51.80 a barrel, near the year's high of $51.93 on the COMEX. The futures contract ended today's trading session up 9.3% Brent Oil closed at $53.63, an increase of 1.79% on the International Exchange.
The accord reached by representatives of OPEC was the group’s first all-out effort to reduce output in eight years, and powered an inrease U.S. crude prices up more than 9% yesterday.
Production in the U.S. is expected to climb, as production overseas declines. President-elect Trump has also promised to open up previously prohibited lands to oil exploration and drilling once he is in office, just 50 days from now.