OPEC Deal Sends Oil to $50

On Wednesday, the Organization of Petroleum Exporting Countries (OPEC) reached an agreement to cut oil output. The historic decision to cut oil output, the first since 2008, since the price of oil soaring. The decision signals OPEC’s return to managing oil supply in the world markets. The oil price rise on Nov 30 was the biggest daily gain since February 2016. Fluctuations are expected, but the market is encouraged by OPEC’s decision.