Oil has soared above $54 a barrel to its highest level in nearly a year and a half. U.S. crude futures jumped more than 5% on Monday after Russia and a bunch of other big producers agreed over the weekend to join OPEC members in cutting their output next month.


The group of non-OPEC nations -- which includes Mexico, Kazakhstan and Oman -- will aim to reduce their production by 558,000 barrels a day, according to a statement. That follows OPEC's deal last month to cut its overall production by 1.2 million barrels a day.


"The question which troubles some investors is whether the higher oil price will give the U.S.'s shale oil production a new lease of life," said Naeem Aslam, chief analyst at Think Markets in London.

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