Brent crude oil prices rose above $55 a barrel on Monday, trading at a fresh 16-month high, as optimism spread about the prospect of a tightening market after OPEC members agreed on a landmark deal to cut production last week.
Monday’s gains take the rally since the agreement was struck on Wednesday to 19 percent for Brent, the highest in almost eight years, and 16 percent for U.S. crude.
Brent crude oil futures, the global benchmark used to trade oil, soared to its highest since July 6, 2015 to $55.20 a barrel.
