Oil surged after OPEC approved the first supply cuts in eight years in an effort to ease a record glut and stabilize global markets.
Futures jumped as much as 9.2 percent in New York. OPEC has agreed to reduce collective production to 32.5 million barrels a day, Iranian Oil Minister Bijan Namdar Zanganeh told reporters in Vienna Wednesday. The accord comes into effect at the start of 2017. The pact also calls for an additional 600,000 barrels a day of cuts from non-OPEC suppliers.