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Oil prices climb NAMPA/REUTERS
Oil prices climbed higher on Tuesday as the market anticipates that output cuts from oil producers will help ease the global supply glut.
Oil prices were lingering around the highest level since mid-2015, bolstered by a deal made between the Organisation of Petroleum Exporting Countries (Opec) and non-Opec members to cut output by almost 1.8 million barrels per day from 1 January 2017.
However, analysts said oil prices may struggle to rally much further before evidence is available of Opec’s compliance with the cuts.
The West Texas Intermediate for February Delivery increased US$0.88 to settle at US$53.90 a barrel on the New York Mercantile Exchange, while Brent crude for February delivery added 0.93 dollars to close at US$56.09 a barrel on the London ICE Futures Exchange.
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Oil prices climb NAMPA/REUTERSOil prices climbed higher on Tuesday as the market anticipates that output cuts from oil producers will help ease the global supply glut.
Oil prices were lingering around the highest level since mid-2015, bolstered by a deal made between the Organisation of Petroleum Exporting Countries (Opec) and non-Opec members to cut output by almost 1.8 million barrels per day from 1 January 2017.
However, analysts said oil prices may struggle to rally much further before evidence is available of Opec’s compliance with the cuts.
The West Texas Intermediate for February Delivery increased US$0.88 to settle at US$53.90 a barrel on the New York Mercantile Exchange, while Brent crude for February delivery added 0.93 dollars to close at US$56.09 a barrel on the London ICE Futures Exchange.
