After the bell: Oil production cut; home applications down; REI closes for Black Friday

INDIANAPOLIS (WISH) — A group of oil producers just agreed to cut production by 2 million barrels a day.

The goal is to spur oil prices.

The United States pressured the OPEC+ alliance of oil-exporting countries to pump more oil with gas prices as high as they are right now.

International benchmark Brent has sagged as low as $84 in recent days after spending most of the summer months over $100 per barrel. U.S. crude on Wednesday rose to $87.64, and international benchmark Brent went up to $93.21 after the OPEC decision.

• OPEC+ makes big oil cut to boost prices; pump costs may rise
• Stocks end Wednesday slightly lower following huge two-day surge

Home applications decline

Home applications have fallen 37% from last year and sits at the slowest rate since 1997.

Mortgage rates are high too, 6.75%. That’s the highest its been in 16 years and it means mortgage payments jumped over $300 a month, in just the last six weeks.

REI closes for Black Friday

For the past seven years, Recreation Equipment Incorporated has closed on Thanksgiving to give employees time with their families.

All REI stores will be Black Friday this year as well.

The company said it would instead pay all 16,000 of its workers to spend time outside doing anything besides shopping that day!