(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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