Business Nigeria: Crude Oil Price Hits 16-Month High

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Oil prices on Monday rose to its highest point in 16 months following an agreement between OPEC members to reduce production.

Brent crude oil futures, the global benchmark, soared to their highest since July 2015 to $55.33 per barrel.

This is as OPEC prepares to meet non-OPEC countries to finalise the global oil output-limiting agreement on December 10 in Vienna, Austria.

The agreement will be effective from January 1, 2017.

Member countries, in agreeing to this decision, confirmed their commitment to a stable and balanced oil market, with prices at levels that are suitable for both producers and consumers.
 

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