Oil prices jumped more than 5 percent on Monday after OPEC and non-OPEC producers agreed to curb oil output and ease a global glut, while the US dollar extended gains ahead of an expected rate hike this week.
The agreement between OPEC and a number of other oil producing nations was the first joint action since 2001, following more than two years of low prices that strained many government's budgets and spurred unrest in countries from the Middle East to Latin America.
Brent futures for February delivery rose 5 percent to USD56.94 per barrel, with US crude spiking a similar amount to USD54.07 per barrel.
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