The price of Brent crude oil topped $54 per barrel. for the first time since October 2015

The cost of the February futures of Brent crude oil exceeded $54 per barrel. $54 for a barrel of oil has overcome for the first time since October 9, 2015. Then oil rose to $54.05. This is evidenced by trading on the exchange ICE.

After overcoming the mark of $54 per barrel, the quotes continued to rise, and by 19:14 GMT the price rose to $54,24. Intraday growth of oil quotations for December 1 made up more than 4%.

Earlier, on 1 December, Brent crude oil exceeded $53 per barrel.

Oil prices are rising around the world for the second consecutive day against the background of reaching agreement by OPEC to reduce oil production by 1.2 million barrels./for the first time since 2008.

A meeting of the cartel passed in Vienna on the eve of 30 November. Plans and non-OPEC countries to reduce oil production by 1.8 million barrels./day.

Negotiations between the three major members of the cartel, including Iraq, Iran and Saudi Arabia lasted for over two months. At the meeting in Vienna the countries managed to settle their differences on the levels that each of these States agreed to limit their production. The last time the cartel made a deal to reduce the total extraction in 2008.

Agreement to reduce oil production will come into force from January 2017. It is designed for six months, after which the agreement can extend, depending on market conditions. The aggregate production of the cartel will reduce to 32.5 million barrels./day. Countries that are not members of OPEC, has agreed to cut oil production by 600 thousand barrels. Consultation with them is planned for December 9, Bloomberg reported, citing one of the delegates.