Oil edged further above $55 a barrel on Tuesday, drawing support from expectations of tighter supply once the first output cut deal between OPEC and non-OPEC producers in 15 years takes effect on Sunday. Jan. 1 is the official start of the deal agreed by the Organization of Petroleum Exporting Countries and several non-OPEC producers to lower production by almost 1.8 million barrels per day. Brent crude was up 17 cents at $55.33 a barrel. The global benchmark reached $57.89 on Dec. 12, the highest since July 2015. U.S. crude gained 30 cents to $53.32. There was no trading on Monday after the Christmas holiday, and volume was light on Tuesday. Crude may struggle to rally much further before evidence is available of OPEC’s compliance with the cuts, analysts said.
http://www.reuters.com/article/us-global-oil-idUSKBN14G00Q?il=TheCenterNews.com
