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OPEC agrees to curb oil output

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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.

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