Mubasher: Brent crude oil rose by 4% during Monday trade, surpassing the level of $59, amidst a dominant positive sentiment, as investors are optimistic regarding cutting output.

By 9:34 PM (GMT), Brent futures went up by 3.9% to $59.13 per barrel (pb), it highest level since July 2015.

During today’s trade, Nymex grew by 3.1% to $52.22 pb, its highest closing level since 18 April 2017.

It is worth noting that oil prices benefited from the remarks made by major producers that assured their commitment to the efforts to reduce production.

Baker Hughes recently said that the number of US oil rigs declined by 5 rigs to a total of 744 rigs during the week that ended on 22 September, registering its fifth decrease in six weeks.