Oil jumps over 10 percent

Oil soared more than 10 percent on Wednesday to over $50 a barrel and its highest in a month as some of the world''s largest producers agreed to curb production for the first time since 2008 in a bid to support prices. US West Texas Intermediate crude futures for January delivery settled up $4.21 to $49.44 a barrel, a 9.6 percent gain. They earlier rose 10 percent, the largest one-day move since February.
Brent crude futures for January delivery settled up $4.09 a barrel or 8.82 percent at $50.47 a barrel. The contract expires Wednesday, and the February contract rose 8.9 percent to $51.51.