Oil prices hit 16-month high on Opec deal effect

Crude rose above $55 a barrel to hit a 16-month high yesterday as rising prospects of a tightening market after last week’s Organization of the Petroleum Exporting Countries (Opec) agreement to cut production gave speculators impetus to increase bets on higher prices.

Oil prices hit 16-month high on Opec deal effect

Yesterday’s gains take the rally since the Opec deal was struck last Wednesday to 19% for Brent and 16% for US crude.

Last week’s 12.2% rise was the largest one-week increase since February 2011.

Already a subscriber? Sign in

You have reached your article limit.

Unlimited access. Half the price.

Annual €120 €60

Best value

Monthly €10€5 / month

More in this section

The Business Hub

Newsletter

News and analysis on business, money and jobs from Munster and beyond by our expert team of business writers.

Cookie Policy Privacy Policy Brand Safety FAQ Help Contact Us Terms and Conditions

© Examiner Echo Group Limited