Oil prices jump on new output deal

[nitpicker]

http://www.bbc.com/news/business-38286476

Oil prices jump on new output deal
1 hour ago

From the section Business

Oil prices have surged after oil producing countries that are not Opec members agreed to cut output. Brent crude jumped to $57.89 a barrel - the highest since July 2015 - before falling back to $56.79, although that was still a gain of 4.5% on the day.

On Saturday, non-Opec countries agreed to cut their output by 558,000 barrels a day in a deal designed to reduce oversupply and boost prices.

Opec announced last month that it would be cutting its own production. The Organization of Petroleum Exporting Countries (Opec) committed to halting the supply of 1.2 million barrels a day, starting from January.

The new deal is the first global pact in 15 years.
(snip)

But some expressed doubts about the deal's long-term impact on prices.
(snip)

[TreasonousBastard]

1. Every time OPEC reduces output, some sheik cheats and sells more on the black market.

[golfguru]

5. Why did God gave so much oil to countries

which hate us?

[Sherman A1]

2. I would bet that prices at the pump will

jump up today on this news. Best to top off on the way to work.

[MANative]

3. Local gas prices (Fairfield County CT) are up about 20 cents/gallon in the last three days.

[Auggie]

4. Gives Trump another reason to expand drilling ...

they'd looooove to get their hands on California's coast. They'll probably get it, too.