Oil prices on the rise, surpassing $50 a barrel

Posted at 2:51 PM, Oct 06, 2016
and last updated 2016-10-06 17:51:10-04
Oil prices are back above $50 a barrel, thanks largely to OPEC's willingness to once again act as the world's crude referee.
This is the first time since June that oil went above the $50 level. 
Prices for the vitally-important commodity have surged 12 percent since OPEC surprised the world last week in Algeria by reaching an understanding to cut output for the first time in eight years. 
The framework deal could still collapse and awaits formal approval at OPEC's regular meeting in November, but it represents a reversal from the cartel's recent strategy of flooding the world with oil.
At a minimum, the deal has seemed to put a floor beneath oil prices. Oil bulls are hoping it could solve the supply glut that has pressured crude for nearly two years.
Prices have nearly doubled since plummeting to a 13-year low of $26 a barrel in mid-February. Oil prices are now sitting with a 35 percent gain for 2016.