Oil Prices Steady ahead of Output Cut Deal

New York, 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.

Source: Qatar News Agency