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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery added $2.23 to $47.16 on the New York Merc, while Brent for November added $2.45 to $48.74 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.15 to WTI ($33.01), up from a discount of $14.20. Natural gas for October lost four cents to $2.95. The TSX energy index shot up 9.84 points to close at 195.51.

For the first time in eight years, OPEC has agreed on a production cut, or at least it has agreed on the general outline of a deal that could lead to a very modest cut. The group, which said it produced a total of 33.2 million barrels a day in August, is willing to reduce output to a range of 32.5 million to 33 million barrels a day, reports Bloomberg. Iran will be exempt, a surprising concession from dominant producer Saudi Arabia. Exactly how the other countries will make their cuts is not yet clear. OPEC says the group will not decide on targets until the next meeting, scheduled for the end of November.

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