Oil prices rise on new output deal

Oil prices have surged after non-OPEC members agreed to cut output by 558,000 barrels a day in a deal designed to reduce oversupply and boost low prices that have squeezed revenues in Russia and Saudi Arabia

ICE BRENT CRUDE FUTURES ($ per barrel)

0 20 40 60 80 100 2014 2015 2016

Jun 19 $115.06.Fighting between Daesh rebels and Baghdad government poses risk to supplies in northern Iraq

Jan 13: Falls below $47 after Saudi Arabia cuts prices for European buyers to defend its market share

May 5: Over $67 in response to higher Saudi prices, falling U.S.crude inventories and disruption to Libyan oil exports

Aug 24: Fresh low of $42.69 as stock market selloff dulls demand outlook

Dec 12: $56.81 after OPEC and rivals agree first deal since 2001.Non-member cuts come on top of OPEC decision on Nov 30 to reduce output by 1.2m barrels per day

Oct 10: $53.14.Russia ready to join OPEC output caps

Jan 20: $27.88.IEA warns market could “drown in oversupply”

Sources: Bloomberg, wire agencies