NewsBreak - Oil Drops as OPEC Agrees to Cut Oil Output; Gold Surges - Investing.com

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Investing.com - Oil prices slumped on Thursday after and ask Iraq and Nigeria to bring production down in an attempt to prevent a glut as U.S. production soars.

• The Organization of the Petroleum Exporting Countries and its allies met on Thursday ahead of policy discussions in Vienna in December.

• Iraq, OPEC's second-largest oil producer, pledged to reduce output by 175,000 barrels per day (bpd) by October, while Nigeria agreed to cut 57,000 bpd.

• fell 1.6% to $54.83 a barrel as of 8:45 AM ET (12:45 GMT).

•, the benchmark for oil prices outside the U.S., slumped 1.9% to $59.66.

• Meanwhile, surged 1.8% to $1,529.25 after the on deposits and announced it is restarting its bond-purchasing program.

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September 12, 2019 at 07:56PM