Oil prices today Monday 12 December shot to their highest levels since mid-2015 after OPEC and other producers reached their first deal since 2001 to jointly reduce output in order to rein in oversupply and prop up markets.

Brent crude, the international benchmark for oil prices, soared to $57.89 per barrel in overnight trading between Sunday 11 December and Monday, the highest level since July 2015.

U.S West Texas Intermediate crude also hit a July 2015 high of $54.51 a barrel.

With the deal signed after almost a year of arguing within the OPEC and mistruct in the willingness of non-OPEC Russia to participate, focus is switching to compliance of agreement.