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Oct. 5, 2022, 10:10 a.m. EDT

OPEC+ agrees to cut oil production by 2 million barrels a day: report

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By William Watts

The Organization of the Petroleum Exporting Countries and its Russian-led allies agreed Wednesday to cut crude production by 2 million barrels a day, news reports said . Speculation of a cut of up to 2 million barrels a day had built ahead of the meeting, helping to lift crude futures sharply on Monday and Tuesday. Futures were giving back some gains, with November WTI crude /zigman2/quotes/211629951/delayed CL.1 +0.85% , the U.S. benchmark down 0.5% at $86.12 a barrel on Nymex, while December Brent /zigman2/quotes/209704782/delayed UK:BRN00 +0.82% , the global benchmark, was off 0.1% t $91.70 a barrel.

US : U.S.: Nymex
$ 80.66
+0.68 +0.85%
Volume: 26,293
Dec. 4, 2022 11:33p
UK : U.K. ICE Futures Europe
$ 86.27
+0.70 +0.82%
Volume: 12,432
Dec. 5, 2022 4:33a

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