Google+ Followers

Monday, 5 December 2016

Oil tops $55 for first time in 16 months as OPEC deal fuels buying | Reuters

Oil tops $55 for first time in 16 months as OPEC deal fuels buying | Reuters:
"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 LCOc1, the global benchmark used to trade oil, soared to its highest since July 6, 2015 to $55.20 a barrel. It last traded at $55.08 a barrel, up 62 cents, or 1.1 percent, at 0946 GMT."

'via Blog this'