Oil is trading higher in electronic trading after OPEC announced its plans to cut production. Oil futures moved higher from $102 to $104.40 as of 11:55pm ET.

Here is a summary of the OPEC decision from Trade The News:

OPEC Communique: Oil market well supplied; OPEC’s output target 28.8M bpd v the prior target of 29.67M bpd

~ OPEC to meet next Dec 17 in Algeria.
~ Indonesia’s OPEC membership has been suspended.
~ Oil market sentiment shifts are causing downside risk
~ Sees a downside risk to global oil market outlook.
~ OPEC’s President: Expects oil prices to fall, despite decision
~ Quota cut means actual oil production cut by 520K bpd
~ The cut will take effect in the next 40 days
~ Quotas for members excluding Indonesia are the same as before.