(VOVworld) - Oil prices soared on Monday following a landmark deal by Russia and other non-OPEC producers where they agreed to cut production at a recent meeting in Austria.

Russia and 10 other states said they will reduce oil production by more than half a million barrels per day (Photo: rte.ie)

In Singapore, the oil price for January delivery increased by 2.28 USD to 53.78 USD per barrel. Under the agreement reached last week, the parties committed to reducing oil production by nearly 600,000 barrels per day.