Global crude oil prices shot up more than 8 percent today, as some of the world's largest oil producers gathered in Vienna to try to agree to a production cut. Brent crude oil futures surged 3.83 dollars, to 50.21 dollars a barrel, and on course for their biggest one-day move in nine months. U.S. crude jumped 3.63 dollars, to 48.86 dollars a barrel. An OPEC source told Reuters this evening that OPEC has agreed its first oil output cuts since 2008 in line with an accord reached in Algiers in September. The Organization is now in a meeting, in Vienna, to discuss terms of a potential deal to cut production, in an effort to prop up prices. Heading into the meeting, Saudi Arabia's energy minister said he believed the group was getting close to a deal.