Oil Prices climb up ahead of OPEC cuts

Oil prices climbed higher on Tuesday as the market anticipates that output cuts from oil producers will help ease the global supply glut.

Oil prices were lingering around the highest level since mid-2015, bolstered by a deal made between the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC members to cut output by almost 1.8 million barrels per day from Jan. 1, 2017.

However, analysts said oil prices may struggle to rally much further before evidence is available of OPEC's compliance with the cuts.

The West Texas Intermediate for February Delivery increased 0.88 U.S. dollars to settle at 53.90 dollars a barrel on the New York Mercantile Exchange, while Brent crude for February delivery added 0.93 dollars to close at 56.09 dollars a barrel on the London ICE Futures Exchange. Enditem