Brent crude oil prices rose above $55 a barrel on Dec. 5, trading at a fresh 16-month high, on rising prospects of a tightening market after OPEC members agreed on a landmark deal to cut production last week.
Dec. 5 gains take the rally since the agreement was struck on Nov. 30 to 19 percent for Brent, the biggest jump in almost eight years, and 16 percent for U.S. crude.
