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US crude posts best settle since July 2015, up 2.6% at $52.83 on oil producer output cuts

Oil rose by as much as 6.5 percent on Monday to an 18-month high after OPEC and some of its rivals reached their first deal since 2001 to jointly reduce output to try to tackle global oversupply.

On Saturday, producers from outside the Organization of the Petroleum Exporting Countries, led by Russia, agreed to reduce output by 558,000 bpd, short of the target of 600,000 bpd but still the largest contribution by non-OPEC ever.

That followed the Nov. 30 deal by OPEC to cut output by 1.2 million bpd for six months from Jan. 1, with top exporter Saudi Arabia cutting around 486,000 bpd to curb the supply glut that has dogged markets for two years.

Crude futures have rallied sharply, with U.S. futures gaining 23 percent since the middle of November as optimism that an agreement would be reached started to grow.

Brent crude futures were up $1.33, or 2.5 percent, at $55.66 per barrel by 2:36 p.m. ET (1936 GMT), having hit a session peak of $57.89, the highest since...