Oil jumps back above $50 per barrel - KWES NewsWest 9 / Midland, Odessa, Big Spring, TX: newswest9.com |

Oil jumps back above $50 per barrel

Pumpjack in the Permian Basin (Source: KWES/File Video) Pumpjack in the Permian Basin (Source: KWES/File Video)
(KWES) -

The price of oil closed Thursday above $50 for the first time since mid-June, largely due to OPEC's agreement to cut output for the first time in eight years.

That agreement could very well prove to be nothing with a formal approval still pending the group's November meeting but the tentative agreement seems to have put a floor beneath oil prices.

With Thursday's upward surge, prices have nearly doubled since plummeting to a 13-year low of $26 a barrel in mid-February.

As of now, oil prices are sitting at a 35 percent gain for 2016.

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