Bloomberg reported that Organization of Petroleum Exporting Countries’ decision to cut crude production caused oil investor optimism to rise to the highest level seen since the beginning of the slump.
According to Bloomberg, the oversupply of oil is expected to end after OPEC’s agreement to cut production in January.
Bloomberg said Russia and Kazakhstan also joined the agreement.
Like this story? Begin each business day with news you need to know! Click here to register now for our FREE Daily E-News Broadcast and start YOUR day informed!