Oil climbs to 18-month high as OPEC output deal kicks in
Oil prices hit an 18-month high on Tuesday, the first trading day of 2017, amid hopes that a deal between Organization of the Petroleum Exporting Countries and non-OPEC members to cut production will reduce global oil oversupply. Brent crude price rose over 2% after output cuts by Kuwait and Oman signalled that OPEC and partners are delivering on their agreement.