"OPEC has agreed to an historic production cut," analysts at AB Bernstein said. "The cut of 1.2 million barrels per day (bpd) was at the upper end of expectations (0.7-1.2 million bpd). An additional cut of 0.6 million bpd from non-OPEC countries could significantly add to what has been announced by OPEC." "Bulls got as much as could be hoped for...For the time being, oil prices have received a huge support." "The outcome is consistent with... what OPEC production levels were expected to be in 2017 irrespective of the deal reached."

Source: The Edge Markets December 01, 2016 06:42 UTC