Oil Jumps on OPEC Output-Cut Plan

Updated from 2:10 p.m.

Crude prices jumped beyond $62 Thursday after the Organization of the Petroleum Exporting Countries agreed to trim production for the second time starting in February.

OPEC opted to slash daily output by 500,000 barrels, or about 2%, on Feb. 1 to prop up crude prices above $60. Over the past two months, prices have generally traded between $57 and $61 despite a previous announced reduction of 1.2 million barrels per day.

"We are committed to supplying the market, but we want to establish a balance between supply and demand," OPEC President Edmund Daukoru told ReutersThursday after the group's meeting in Nigeria. ...