Oil Rises Near $50; Doubts On OPEC Plan Limit Gains

NEW YORK, Sept 29 (Reuters) - Oil prices jumped more than 1 percent on Thursday, with Brent nearing $50 a barrel on optimism over OPEC's first planned output cut in eight years, although gains were limited as some analysts doubted the reduction would be enough to make a substantial dent in the global crude glut.

The Organization of the Petroleum Exporting Countries agreed on Wednesday to cut output to 32.5-33.0 million barrels per day (bpd) from around 33.5 million bpd, estimated by Reuters to be the output level in August.

OPEC said other details will be known at its policy meeting in November, leaving unanswered when the agreement will come into effect, what new quotas for member countries will be and for what periods, and how compliance will be verified.

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