Investing.com - Oil prices added to strong gains from a day earlier in thin holiday trade on Wednesday amid signals that major oil producers will stick to their agreement to cut production next year.
Brent crude added 11 cents, or 0.19%, to $56.94 at 07:55 ET. U.S. crude gained 7 cents, or 0.13%, to $53.97.
The Organization of the Petroleum Exporting Countries and other producers led by Russia have announced cutbacks of almost 1.8 million barrels per day in oil output starting from January 1, 2017 in an effort to bolster prices and support the market.
In a sign that the world's major oil producers may abide by their agreement, OPEC member Venezuela said it will cut 95,000 barrels per day of oil production in the new year.