NEW YORK, Sept 28 (Reuters) - Oil prices jumped as much as 6
percent on Wednesday after OPEC sources said the group has
reached a deal to limit crude output at its policy meeting in
November, a source for the producer group said.
Brent crude was up $2.76, or 6 percent, at $48.73 a
barrel by 2:28 p.m. EDT (1820 GMT), after reaching a more than
two-week high of $48.96.
U.S. West Texas Intermediate (WTI) crude rose by
$2.35, or 5.4 percent, to $47.02, peaking at $47.45, its highest
since Sept 8.
The Organization of the Petroleum Exporting Countries has
agreed to limit production to 32.5 million barrels per day, OPEC
sources said after talks held by the group on the sidelines of
the Sept. 26-28 International Energy Forum in Algiers. The
latest production figure for the group is 33.24 million
After reaching that target, OPEC will seek support from
non-member oil producers to further ease the global glut, the
"This was unexpected for sure ... no one that I know of saw
it coming. The market doesn't seem positioned for it. The
fundamentals in the U.S. are already tighter than we expected
and is due to get tighter," said Scott Shelton, energy broker
and commodities specialist for ICAP in Durham, North Carolina