Crude Oil Prices Hit 18-month High as Markets Eye Production Cuts

Ejiofor Alike with agency reports

Crude oil prices on Thursday, the first trading day of 2017, hit an 18-month high, buoyed by hopes that a deal between the Organisation of Petroleum Exporting Countries (OPEC ) and other exporters to cut production, which kicked in on Sunday, will drain a global supply glut.

An agreement between OPEC and some non-members to reduce their output by almost 1.8 million barrels per day (bpd) kicked in on January 1.

In November, OPEC reached its first production deal in eight years, vowing to lower output by 1.2 million barrels a day to boost prices.

More to follow…