Oil prices rise as markets eye Opec, non-Opec production cuts after deal
Seoul — Oil prices rose in the first trading hours of 2017, buoyed by hopes that a deal between Opec and non-Opec members to cut production, which kicked in on Sunday, will be effective in draining the global supply glut. International Brent crude oil prices were trading up 31 cents, or 0.55%, at $57.13 a barrel at 2.03am GMT on Tuesday — close to last year’s high of $57.89 per barrel, hit on December. 12. Oil markets were closed on Monday after the New Year’s holiday. US benchmark West Texas Intermediate (WTI) crude oil prices were up 32c, or 0.6%, at $54.04, not far from last year’s high of $54.51 reached on December 12. January 1 marked the official start of the deal agreed by the oil cartel Opec and non-Opec member countries such as Russia in November last year to reduce output by almost 1.8-million barrels per day. Market watchers said January will serve as an indicator for whether the agreement will stick. "Markets will be looking for anecdotal evidence for production cuts," s...
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