Oil prices surge on reports of milestone OPEC deal to cut oil production

U.S. oil prices surged by 7 percent up to about $48.50 a barrel on reports that OPEC nations Wednesday reached a milestone deal to cut oil production, potentially signaling the beginning of a slow recovery for the U.S. energy sector left decimated by low oil prices for two years. The Organization of the Petroleum Exporting Countries reportedly compromised …

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