The Organization of the Petroleum Exporting Countries and its Russian-led allies agreed Wednesday to cut crude production by 2 million barrels a day, news reports said. Speculation of a cut of up to 2 million barrels a day had built ahead of the meeting, helping to lift crude futures sharply on Monday and Tuesday. Futures were giving back some gains, with November WTI crude CL.1, +0.28%, the U.S. benchmark down 0.5% at $86.12 a barrel on Nymex, while December Brent BRN00, +0.32%, the global benchmark, was off 0.1% t $91.70 a barrel.
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