Oil prices surged as much as six per cent Wednesday on news that OPEC had reached an agreement to limit production, but analysts remained cautious about the prospect of a sustained rally. "I think it's a big surprise to everybody," said Martin King, vice-president of institutional research with Calgary-based FirstEnergy Capital. But, noting the agreement's lack of firm details, King cautioned against any expectations of an even bigger jump in the price of oil. 'A lot of time for skepticism to build'King said he was "50/50" on the chances of the agreement leading to an actual cut in OPEC production, which would be the first since 2008. Iran has argued it should be exempt from such limits as its production recovers after the lifting of EU sanctions earlier this year.

Source: CBC News September 28, 2016 20:03 UTC