Oil up sharply as OPEC finalizes first output cut since 2008

The glut in world oil supply, which in turn led to the price of oil plummeting since mid-2014, may be behind us. OPEC, a cartel of loosely organized countries with a direct interest in maintaining higher oil prices has a tentative agreement that includes Russia to curb production. Speculation on oil futures responded quickly to the news sending the price of oil to over $50, up more than 10%. Price volatility is likely to remain, but less supply will generally mean higher prices which are a good thing for the North Dakota economy.