OPEC looks to cut oil production to bolster falling price
Thursday, 6 December 2018 () OPEC countries were gathered in Vienna on Thursday to find a way to stop the fall in the price of oil, with analysts predicting the cartel and key ally Russia would agree to cut production by at least one million barrels per day.
According to Reuters, oil prices rallied after OPEC agreed to reduce output.
On the day, Brent crude oil rose almost $3 to $63.00 a barrel, while West Texas Intermediate gained $2.20, rising to $53.69..
According to Reuters, OPEC and its Russia-led allies moved closer on Friday to clinching a deal that would cut oil production by more than the market had expected. The producer club will curb output by..