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Oil Hits 18-Month Highs as Markets Eye Output Cuts

The new year marked the official start of a deal between OPEC and other oil exporters, including Russia, to cut output by 1.8 million barrels a day.

Jan 6, 2017

Oil prices hit an 18-month high ahead of expected cuts to production by OPEC.
The new year marked the official start of a deal between OPEC and other oil exporters, including Russia, to cut output by 1.8 million barrels a day.
Brent crude futures were up 46-cents and trading at $57.28 a barrel, while West Texas Intermediate crude was up 46-cents and trading at $54.18 per barrel.
But in the early trading hours, both oils hit their highest trading prices since July 2015, boosted by strong support from the dollar.
The dollar rallied to a 14-year high compared to other currencies, after manufacturing data from November beat expectations.

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