Futures Movers: Oil prices keep a grip on rally after OPEC deal; Brent atop $52 a barrel

Oil prices on Thursday held on to gains made after OPEC struck a long-sought agreement to reduce production by 1.2 million barrels a day.

Brent crude LCOG7, +2.16% , the global oil benchmark, rose 72 cents, or 1.4%, to $52.56 a barrel on London’s ICE Futures exchange, having earlier traded below $52. On the New York Mercantile Exchange, West Texas Intermediate futures CLF8, +6.66% were trading up 60 cents, or 1.2%, to $50.03 a barrel.

The agreement struck by representatives of the Organization of the Petroleum Exporting Countries marked the group’s first concerted effort to slash output since 2008 and sent prices surging more than 9% on Wednesday.

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