(Bloomberg) -- David Hunt, CEO of Prudential Financial's $1 trillion asset manager, cautioned against overreacting to the surge in oil prices as OPEC clinched a deal to curtail supply.

"For us who are long-term investors, we tend to look at the group of people who are gathering in Vienna and say 'they're fighting against history,'" Hunt said Wednesday in a Bloomberg Television interview. "The costs of producing crude, largely due to fracking technology, has dramatically changed the marginal economics of oil."

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