Of the oil at its highest level since mid - 2015

31 minutes ago

Twilight News / Oil prices rose as much as 6.5 percent to the highest level since a year and a half on Monday after reached OPEC and other producers to the first agreement since 2001 jointly to reduce production in order to curb oversupply in the global market and support prices.

And increased global London Brent crude rose US $ 2.38 to US $ 56.72 a barrel by 1002 GMT, after recording the highest during the session at $ 57.89 a barrel, the highest level since July, in July 2015.

The price increases of 50 percent from a year ago, its highest annual increase since September 2011.

And increased West Texas Intermediate crude US $ 2.46 to record US $ 53.96 a barrel.

Goldman Sachs said, "We believe that the commitment of the 11-member OPEC and 11 products from outside the organization to cut production is necessary to continue to support the ... oil prices down to the level of our expectations for the price of WTI US mediator in the first half of 2017 at $ 55 a barrel."

He continued, "This expectation reflects the actual cut of one million barrels per day compared to the declared value of the cut 1.6 million barrels per day, so the larger the stated commitment to the cuts represent a risk to the upside to our expectations."

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