OPEC agrees to cut crude oil production

Prices rise, but moves by US, Russia could offset the decision

The Organization of Petroleum Exporting Countries, or OPEC, made a decision to cut daily oil output by 700,000 barrels.

The decision has driven up oil prices up close to $50 per barrel. The WTI Crude Oil Spot Price increased by $2.38 to $47.05 per barrel on Wednesday, up 5.33 percent from the previous day. Brent Crude Oil Futures Prices increased by 5.92 percent to $48.69 per barrel on the same day.