Oil prices reached $55 after OPEC members agreed to cut production last week. This is the highest price in the last sixteen months.
Brent crude oil futures LCOc1 rose to $55.20 per barrel, while WTI crude oil CLc1 jumped by 54 cents to touch $52.22 per barrel, reported Reuters.
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Commerzbank analyst Carsten Fritsch was quoted by the news agency as saying: “It seems that any dip is seen as a buying opportunity.”
This week, OPEC countries are scheduled to meet non-OPEC nations in Vienna to finalise the limit on oil production.
In the last week's meeting, OPEC members agreed to reduce oil production by 1.2 million barrels per day.
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It is also important to recognise the role of US shale drillers, as their decision is important in maintaining a balance in the global oil market.
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By GlobalDataBaker Hughes data indicates that energy firms in the US increased their production from oil drilling for the seventh month last week.
