Investing.com - Oil prices slumped on Thursday after OPEC agreed to cut its oil output and ask Iraq and Nigeria to bring production down in an attempt to prevent a glut as U.S. production soars.
• The Organization of the Petroleum Exporting Countries and its allies met on Thursday ahead of policy discussions in Vienna in December.
• Iraq, OPEC's second-largest oil producer, pledged to reduce output by 175,000 barrels per day (bpd) by October, while Nigeria agreed to cut 57,000 bpd.
• Crude Oil WTI Futures fell 1.6% to $54.83 a barrel as of 8:45 AM ET (12:45 GMT).
•Brent Oil Futures, the benchmark for oil prices outside the U.S., slumped 1.9% to $59.66.
• Meanwhile, Gold Futures surged 1.8% to $1,529.25 after the European Central Bank lowered its interest rates on deposits and announced it is restarting its bond-purchasing program.