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

Brent crude oil prices rose above $55 a barrel on Monday, trading at a fresh 16-month high, on rising prospects of a tightening market after OPEC members agreed on a landmark deal to cut production last week. WTI crude oil (CLc1) traded up 50 cents, also 1 percent, at $52.18 a barrel. "OPEC sentiment

#MARKETS: #Oil surges on #OPEC deal analysts see more upside December 2 2016 The two-and-a-half-year oil bust could be coming to an end thanks to OPEC. The oil cartel pulled off a surprise agreement snatching victory from the jaws of defeat. The deal calls for collective cuts from 13 members (Indonesia suspended its membership) reducing output by 1.2 million barrels per day to 32.5 mb/d. Also non-OPEC countries will cut output by 600000 barrels per day including 300000 bpd from Russia. The…

Oil prices attracted buying interest after OPEC members reached an agreement to cut oil production by 1.2mbpd. WTI is currently trading at $49.16.

The 2016 WTI Crude Oil Price Chart Shows the Impact of Geopolitics.

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Oil prices hit highest since October on hopes of OPEC-led output cut -Nov 22, 2016 :->U.S. West Texas Intermediate (WTI) crude futures were up 69 cents, or 1.4 percent, at $48.93 a barrel.

Reuters: Oil prices fall as Russia says will not attend OPEC meeting. Oil prices fell over 1 percent on Tuesday on market jitters over whether producer cartel OPEC would be able to hammer out a meaningful output cut during a meeting on Wednesday, aimed at reining in a global supply overhang and propping up prices, according to Reuters. Brent crude futures were trading at $47.69 per barrel. U.S. West Texas Intermediate crude futures were down 51 cents, at $46.58 a barrel. 2016-11-29