oil prices steady ahead of output cut deal
Last Updated : GMT 06:49:16
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Last Updated : GMT 06:49:16
Arab Today, arab today

Oil Prices Steady ahead of Output Cut Deal

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Arab Today, arab today Oil Prices Steady ahead of Output Cut Deal

Oil Prices
New York - QNA

Oil prices were little changed on Tuesday with markets adopting a wait-and-see stance less than a week before the first output cut deal agreed between OPEC and non-OPEC members in 15 years is scheduled to kick in.

    January 1 brings the official start of the deal agreed by the Organization of Petroleum Exporting Countries and non-OPEC members to lower production by almost 1.8 million barrels per day (bpd).

    The contract stood about 5% below a 17-month high of $57.89 hit on December 12 after non-OPEC members agreed to make a concerted effort with OPEC to tame a global supply glut that has squeezed prices.

    London Brent crude for February delivery LCOc1 was down 5 cents at $55.11 a barrel by 0732 GMT (2.32 a.m. ET). NYMEX crude for February delivery CLc1 was up 6 cents at $53.08 a barrel, after closing at a 17-month high on Friday. Oil markets were closed on Monday at the weekend. 

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