Home Business Oil prices soar to $58 on global output cut deal
Oil prices soar to $58 on global output cut deal
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Oil prices soar to $58 on global output cut deal

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Oil prices shot up over four percent to their highest level since 2015 early on Monday

after OPEC and other producers over the weekend in Vienna reached the first output cut deal since 2001 .

They jointly reduced output in order to rein in oversupply and prop up the market.

Brent sweet crude futures, the international benchmark for oil prices, soared to 57.89 dollars per barrel in overnight trading between Sunday and Monday, its highest level since July 2015.

U.S. West Texas Intermediate (WTI) crude futures also hit a July 2015 high of 54.51 dollars a barrel.

With the deal finally signed after a year,the market’s focus will now switch to compliance with the agreement.

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