Oil surges 5 percent as OPEC agrees output cut

Oil surges 5 percent as OPEC agrees output cut

LONDON (Reuters) - Oil prices jumped more than 5 percent on Friday as big Middle East producers in OPEC agreed to reduce output to drain global fuel inventories and support the market. Benchmark Brent crude oil rose $3.26 a barrel to a high of $63.32 by 1355 GMT. In early trade, Brent had fallen below $60 when it looked as if oil exporters might not agree. Oil prices have plunged 30 percent since October as supply has surged and global demand growth has weakened.

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