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 a global supply glut.
International Brent crude oil prices LCOc1 were up 16 cents, or 0.3 percent, at $56.98 a barrel at 0802 GMT on Tuesday – close to last year’s high of $57.89 per barrel, hit on Dec. 12. Oil markets were closed on Monday after the New Year’s holiday.
U.S. benchmark West Texas Intermediate (WTI) CLc1 crude oil prices were up 22 cents, or 0.41 percent, at $53.94 a barrel, not far from last year’s high of $54.51 reached on Dec. 12.
