Oil prices spring up with refreshing prospects of output cut Oil prices recorded a rise today with more big oil producers coming into the agreement to slash production. This is part of a move by the producers to cut down on global supplies; such cut been deemed very necessary in reviving oil prices that have been on a great decline for some long time now. Prices of crude U.S had risen up to $53.07, such notable increase in prices by 3.05%. This is a really significant development since oil prices had dropped down by the end of last week. Brent on the other hand had traded at $55.84, marking a gain of 2.38% from where prices finished Friday. Worries of traders have been put to bed with the fresh consent of some major producers to join in the proposed cut in global production by 1.2 million barrels per day (bpd) till the middle of next year 2017.