Oil prices up in international markets

02:29 PM | 12 Dec, 2016
Oil prices up in international markets
LONDON - Oil prices further shot to their highest levels in the international market since mid-2015 on Monday.

Brent crude soared to 57.89 dollars per barrel in overnight trading. US West Texas Intermediate crude also hit a high of $54.51 dollar a barrel.

This follows not long after OPEC and other producers reached their first deal since 2001 to jointly reduce output in order to rein in oversupply and prop up markets.

With the deal signed after almost a year of arguing within the Organization of the Petroleum Exporting Countries and mistrust in the willingness of non-OPEC Russia to participate, focus is switching to compliance of the agreement.

Experts, however, predict that the agreement is not sustainable in the long run, believing that higher prices will tempt producers to increase output and undermine the agreement.