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UPDATE: Oil prices up more than five per cent after OPEC deal

UPDATE: West Texas Intermediate crude closed at $47.05 U.S. a barrel, up $2.38 cents. Brent crude climbed $2.72 to $48.69.

The Organization of the Petroleum Exporting Countries has reached a deal to limit oil supply. According to Reuters, members agreed earlier to reduce its oil output to 32.5 million barrels per day from current production of around 33.24 million. The exact numbers will formalized at O-PEC’s next meeting in November.

News of the plan has already caused oil prices to increase by more than four per cent. As of 12:30 p.m. local time, Brent crude had risen to $48.72 a barrel. West Texas Intermediate Crude was up to $2.38 that time as well.

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