Oil prices hit highest since October 2016 on hopes of OPEC-led output cut

Oil prices rose to their highest level since late October 2016 on Tuesday Nov 22,2016  as the market priced in an expected output cut led by producer cartel OPEC, but analysts warned that a failure to agree a cut could lead to a deepening supply glut by early 2017. 

International Brent crude oil futures rose as high as $49.63 a barrel on Tuesday, up 1.5 % from the last settlement and the highest since October 31,2016

 Brent was trading at $49.58 per barrel at 0525 GMT, up 68 cents, or 1.4 %

US West Texas Intermediate (WTI) crude futures were up 69 cents, or 1.4 %, at $48.93 a barrel. 

The Organization of the Petroleum Exporting Countries (OPEC) is trying by November 30,2016 to bring its 12 member states and non-OPEC producer Russia to agree on a coordinated production cut to prop up the market by bringing production into line with consumption.