Oil Prices Surge on Reports of OPEC Production Deal - TheStreet

Oil Prices Surge on Reports of OPEC Production Deal

OPEC has come to an agreement to limit oil production, according to Reuters.
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OPEC has come to an agreement to limit oil production, sources tell Reuters. The world's top oil producers are holding unofficial talks in Algeria. Reports say the specifics of such an agreement may not be announced until the next official OPEC meeting, scheduled for November in Vienna. But the report says total OPEC production is set to be reduced to 32.5 million barrels a day, compared to the 33.2 million barrels a day which were produced in August. Prices for West Texas Intermediate, the U.S. benchmark oil price, soared 4% following the news. TheStreet's Scott Gamm reports from Wall Street.