OPEC Agrees to Cut Production in Drive to End Record Glut

OPEC clinched a deal to curtail oil supply, confounding skeptics as the need to clear a record global crude glut -- and prove the group’s credibility -- brought about its first cuts in eight years. OPEC will reduce production by 1.2 million barrels a day to 32.5 million a day, two delegates said Wednesday during a ministerial meeting in Vienna, asking not to be identified as the decision isn’t yet public. Benchmark Brent crude rose 8 percent to $50.07 a barrel in London at 1:37 p.m. local time. -- More...