OPEC Deal Drives Heating Oil Higher

Heating oil prices surged higher on Wednesday following news that OPEC has agreed to its first cut in output in 8-years. The source said OPEC had agreed on Wednesday on a proposal to reduce production by around 4.5%, or about 1.2 million barrels per day. Saudi Arabia would contribute around 0.5 million barrels per day by reducing output to 10.06 million barrels a day, while Iran would freeze output at close to current levels of…