- LONDON Oil rose by as much as 6.5 percent on Monday to an 18-month high after OPEC and some of its rivals reached their first deal since 2001 to jointly reduce output to try to tackle global oversupply and boost prices.Brent crude futures were up $2.38 at $56.72 per barrel by 1002 GMT, having hit a session peak of $57.89, the highest since July 2015.
- "We believe that the observation of the OPEC-11 and non-OPEC 11 production cuts is required to sustainably support... oil prices to our 1H17 WTI price forecast of $55 a barrel," Goldman Sachs said.
- Goldman Sachs forecast full compliance would be worth an extra $6 per barrel to its price forecast.Higher prices raise the chances of other producers increasing output.
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