BUSINESS, Commerce

Oil Prices Make U-Turn On The Up

OilOil prices have risen further following Wednesday’s agreement by the OPEC group of oil-producing nations to cut output.

The price of US crude has also risen, trading 1.1 percent higher at $49.99 a barrel after jumping nine percent on Wednesday.

The deal, OPEC’s first output cut for eight years, is designed to reverse a slump in global oil prices and will see the group reduce production by 1.2 million barrels a day from January.

Yvad Billings, Readers Bureau, Fellow

Edited by Jesus Chan

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