Oil Futures Mark Highest Settlement Since July 2015

By Myra P. Saefong Markets MarketWatch Pulse

Oil futures settled Monday at their highest level in nearly 17 months after oil producers outside of the Organization of the Petroleum Exporting Countries agreed to cut back production by 558,000 barrels a day. The reduction will be in addition to the 1.2 million-barrel reduction OPEC members plan to implement on Jan. 1. January West Texas Intermediate crude rose $1.33, or 2.6%, to settle at $52.83 a barrel on the New York Mercantile Exchange.

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