OPEC agrees to curb oil output

In the first deal since 2008, the Organization of the Petroleum Exporting Countries agreed on Wednesday to reduce output.

OPEC intends to drop output to a range of 32.5-33 million barrels per day, down from 33.24 million barrels per day.

In reaction, oil prices jumped as much a 5 percent to above $48 per barrel.

Read more from Reuters.