NEW YORK -- Crude prices surged Thursday as the U.S. dollar retreated against major western currencies while OPEC and Russia planned to cut output.
The greenback was sharply lower against the major currencies on increasing unemployment and a wider trade deficit in the United States.
The Organization of Petroleum Exporting Countries (OPEC), which accounts for about 40 percent of global crude supply, said Thursday it was to slash output quotas at a meeting Dec. 17 in Algeria.
Meanwhile, Russia said the country was ready to work with OPEC on possible oil output cuts, which lent additional support to the market.
Light, sweet crude for January delivery rose 5.08 dollars to 48.60 dollars a barrel in trading on the New York Mercantile Exchange.
In London, January Brent crude soared 5.31 dollars to 47.71 on the ICE Futures exchange.
The greenback was sharply lower against the major currencies on increasing unemployment and a wider trade deficit in the United States.
The Organization of Petroleum Exporting Countries (OPEC), which accounts for about 40 percent of global crude supply, said Thursday it was to slash output quotas at a meeting Dec. 17 in Algeria.
Meanwhile, Russia said the country was ready to work with OPEC on possible oil output cuts, which lent additional support to the market.
Light, sweet crude for January delivery rose 5.08 dollars to 48.60 dollars a barrel in trading on the New York Mercantile Exchange.
In London, January Brent crude soared 5.31 dollars to 47.71 on the ICE Futures exchange.
