FLASH!!! Oil prices jumped more than 5 percent on Friday as big Middle East producers in OPEC agreed to reduce output to drain global fuel inventories and support the market. WTI Crude is $53.68; Brent is $63.05.
The Energy Information Administration said the U.S. likely surpassed Russia and Saudi Arabia to become the world’s largest oil producer. The EIA said U.S. oil production is at a record 11.7 million barrels a day for the week ended Nov. 30. WTI Crude is $51.84; Brent is $60.92 this morning.
Concerns about rising global crude supply, combined with anxieties about the health of global economic growth have sent crude prices sharply down. WTI Crude is $51.23; Brent is $59.70 this morning.
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