Oil prices surge, OPEC to voluntary cut oil production
(NBC, KYMA/KECY) - Oil prices are on the rise today after OPEC announced it would slash output by 1.16-million barrels per day.
Following the news, Brent crude futures last jumped 5.1% to $83.95 a barrel, and U.S. West Texas intermediate crude futures rose 5.2% to $79.64 a barrel.
The voluntary cuts by OPEC will begin in may and last at least until the end off the year.
Officials in Saudi Arabia said the decision to cut production was a "precautionary measure" in an attempt to stabilize the oil market.
Some analysts say we could see $100 per barrel prices again in the future.
