OPEC agrees to first oil output cut in eight years

OPEC agreed to the outline of a deal that will cut production for the first time in eight years. Oil jumped more than 5 percent in New York after the group agreed to limit production to a range of 32.5 to 33 million barrels a day. The deal will brighten the prospects for the energy industry, from giants like Exxon Mobil Corp. to small U.S. shale firms, and boost the economies of oil-rich countries such as Russia and Saudi Arabia. For us consumers, this deal means higher prices at the pump.