Oil prices on Monday, December 19, climbed amid renewed hope that previously agreed cuts from major oil producing nations would have a significant impact on global inventories.
February Brent crude LCOG7, -0.43% on London’s ICE Futures exchange rose 34 cents, or 0.6%, to $55.55 a barrel.
Light, sweet crude futures for January delivery CLF7, -0.44% rose 34 cents, or 0.7%, to $52.24 a barrel in the Globex electronic session of the New York Mercantile Exchange.
The Organisation of the Petroleum Exporting Countries, OPEC, has pledged to cut output to 32.5 million barrels a day.
However, market watchers have expressed doubt that the target would be met, especially if members of the cartel exempt from cuts start to ramp up output, Wall Street Journal reports.
