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Oil higher as profit-taking runs its course

Published 13/12/2016, 14:09
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Investing.com - Oil was higher Tuesday after profit-taking on the rally on the output cut deal ran its course.
Brent crude added 55 cents, or 0.99%, to $56.24 at 08:00 ET. U.S. crude rose 0.68% to $53.19.
The focus is now on producer compliance with the agreed production cuts.
Non-OPEC producers have agreed to cut out by 558,000 barrels a day.
That came on top of the reduction by OPEC of 1.2 million barrels a day.
The International Energy Agency said if the cuts are adhered to this would translate into a supply deficit in the first half of 2017 of 600,000 barrels a day.
American Petroleum Institute weekly stockpile figures are due out later in the session.

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