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Brent crude prices are showing a 1.4% gain

Brent crude prices are showing a 1.4% gain presently, at $52.66, settled below the intraday high at $52.80, which surpasses Friday's peak by 1 cent to made a new four-month peak. June's high is at $52.86, which is the loftiest level seen since October last year. Doubts remain about Opec's ability to implement output cuts, though Saudi Arabia's oil minister said that he was optimistic about the plan, and that he would be meeting his Russian counterpart in the coming days to discuss Russia's reaction to the recent output agreement. Opec plans to trim production to between 32.0 million nad 32.5 million barrels per day from the prevailing level of 33.6 million.


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