NEW YORK Dec 11 Oil prices soared by more than
5 percent as the session began in Asian trading after OPEC and
non-OPEC producers on Saturday reached their first deal since
2001 to curb oil output jointly and ease a global glut that
lasted more than two years.
Brent futures for February delivery rose $2.81 to
$57.14 a barrel, a 5.2 percent gain, by 6:05 p.m. EST (2305 GMT)
on Sunday. U.S. crude rose $2.57 to $54.07 per barrel, a
5 percent gain.
On Saturday, producers from outside the 13-country
Organization of the Petroleum Exporting Countries agreed to
reduce output by 558,000 bpd, short of the initial target of
600,000 bpd but still the largest-ever contribution by non-OPEC
OPEC had previously agreed to slash output by 1.2 million
barrels per day from Jan. 1, with top exporter Saudi Arabia
cutting as much as 486,000 bpd.
(Reporting by Devika Krishna Kumar in New York; Editing by