The price for benchmark North American crude oil topped $50 US per barrel on Thursday, the first time it has crossed that threshold since early June. The cartel's members agreed to reduce output by about 700,000 barrels per day to a range between 32.5 million and 33 million barrels daily. Reuters said OPEC estimates its current output is around 33.24 million barrels each day, and it has not cut its output since 2008. Oil rallied Wednesday following a data release from the U.S. Energy Information Administration that showed there was 499.7 million barrels of crude in storage. World crude prices then began a collapse that would take them under $27 a barrel in January and February of this year.

Source: CBC News October 06, 2016 16:18 UTC