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Oil hits high for the year

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By Robert Hackwill
Oil hits high for the year

<p>Oil has broken through its 2016 peak price, a barrel of Brent crude going north of $54 in trading, while <span class="caps">WTI</span> went over $51.</p> <blockquote class="twitter-tweet" data-lang="fr"><p lang="en" dir="ltr">For <span class="caps">OPEC</span>, so far, so good. Brent just hit a one-year high of $53.79 <a href="https://t.co/HuqBBgVEyx">pic.twitter.com/HuqBBgVEyx</a></p>— Will Kennedy (@wenkennedy) <a href="https://twitter.com/wenkennedy/status/804349843749609472">1 décembre 2016</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <p>That makes a 10 percent rise in the week, quickening in pace following Wednesday’s <span class="caps">OPEC</span> deal.</p> <p>Analysts are keen to point out that <span class="caps">OPEC</span>’s cuts agreed in Vienna represent production cuts, and do not cover export numbers. Russia will in any case only begin its progressive cuts in 2017, and fellow non-<span class="caps">OPEC</span> members are expected to go along with the plan at their meeting with <span class="caps">OPEC</span> on December 9 with cuts of their own.</p> <p>Motorists will likely be feeling the effects at the pumps very soon and there will be knock-on effects throughout the economy over a longer timescale.</p> <p>There are doubts discipline will hold, and cheating may undermine the deal. Iraq has seen constantly growing production over the past year and is in desperate need of cash, and several other members have volatile politics that could see the ranks breaking.</p>