Is the oil glut over? Oil future prices ended the day on Monday at a more than one-year high. West Texas Intermediate crude oil for January delivery rose 11 cents to $51.79 a barrel, marking the highest finish for oil since July 2015.
The primary cause: OPEC's agreement to curb member production to no more than 32.5 million barrels a day is set to begin January 1. Key oil producers who aren’t members of OPEC also agreed to cut back their output by 600,000 barrels a day, with Russia taking on half that reduction.
OPEC's output set another record high in November, rising to 34.19 million barrels per day from 33.82 million in October. Russia reported average oil production in November of 11.21 million barrels per day, its highest in nearly 30 years.