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Oil prices surge 7% as source says OPEC has agreed to plan to cut output

Oil prices jumped as much as 8 percent on Wednesday to a five-week high as some of the world’s largest oil producers gathered in Vienna to try to agree to a production cut that could be bigger than expected.

An OPEC source said the group had agreed on a plan to cut output based on an outline hammered out in Algiers in September.

A source told Reuters that delegates were now discussing a bigger than expected cut in production of 1.4 million barrels per day (bpd).

“It does rather look as though OPEC is going to come to an agreement,” said Colin Smith, director of oil and gas research at Panmure Gordon in London

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