Brent crude oil prices rose above $55 a barrel on Monday, trading at a fresh 16-month high, as optimism spread about the prospect of a tightening market after OPEC members agreed on a landmark deal to cut production last week.
Monday's gains take the rally since the OPEC agreement was struck on Wednesday to 19 percent for Brent and 16 percent for U.S. crude. Last week's 12.2 percent increase was the largest one-week rise since February 2011.
Brent crude oil futures, the global benchmark used to trade oil, soared to its highest since July 2015 to $55.33 a barrel. It last traded up 24 cents at $54.70 a barrel at 2:39 p.m. ET (1939 GMT).
(WTI) crude oil settled up 11 cents at $51.79 a barrel. It earlier rose as high as $52.42, also a high going back to July 2015.
Prices had eased slightly earlier in the session, sparking renewed buying.