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OPEC agrees to cut production; oil prices surge
CNN: It would be the first time in eight years that the oil cartel would lower output. The agreement was reached on Wednesday at a meeting in Algiers.
Oil prices surged more than 5% in reaction.
A global glut of oil supply caused oil prices to crash over the last two years. And OPEC nations, led by Saudi Arabia, have refused to lower production until now.
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