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by Stockwatch Business Reporter

West Texas Intermediate crude for January delivery shot up $4.21 to $49.44 on the New York Merc, while Brent for January climbed up $4.09 to $50.47 (all figures in this para U.S.). Western Canadian Select traded at a discount of $15.70 to WTI ($33.74), unchanged. Natural gas for January added three cents to $3.34. The TSX energy index rocketed up 16.14 points to close at 220.18.

Oil prices soared worldwide as OPEC, after months of wrangling, reached an agreement to reduce production for the first time since 2008. Following its meeting today in Vienna, OPEC said it would set a ceiling of 32.5 million barrels a day, a roughly 1.2-million-barrel-a-day reduction from current levels. Saudi Arabia is taking the largest absolute hit, agreeing to lower its output to about 10 million barrels a day from over 10.5 million. Iraq, which had been resistant to a cut, has unexpectedly agreed to lower its output by over 200,000 barrels a day, to about 4.3 million. The also-resistant Iran has actually been allowed to increase production, but only slightly, to roughly 3.8 million barrels a day from about 3.7 million. The ceiling will take effect on Jan. 1 and last for at least six months. OPEC also agreed to "institutionalize a framework for co-operation" with non-OPEC producers so that they too will cut production. Major non-OPEC producers, including Russia, have already said they will reduce output by 600,000 barrels a day, said OPEC.

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