Oil prices edged up to a fresh one-year high Monday, adding to last week’s sharp rally from OPEC’s agreement to cut production. The market is extending gains as many analysts raise hopes the Organization of the Petroleum Exporting Countries is more likely to abide by this deal than others from years past. Its members are notorious for exceeding production quotas, but this time severely bloated stockpiles and the past month’s rise in prices may make them more likely to follow through, analysts said. “Beside they only must be on their best behavior for a few months to get the market into a daily supply deficit,” Phil Flynn, senior market analyst at the Price Futures Group in Chicago, said in a note. Light, sweet crude for January delivery settled up 11 cents, or 2%, to $51.79 a barrel on the New York Mercantile Exchange. It is the highest settlement since […]