Oil prices rise to 16-month high over OPEC deal
Brent crude oil prices rose above $55 a barrel on Monday, trading at a fresh 16-month high, amid expectations of a tightening market. This came after OPEC, earlier, agreed to its first production cut in eight years. The cartel will cut production by 1.2 million barrels per day, which accounts for nearly 1.3% of the world's daily production.