Oil prices were brough round on Tuesday
After a stately rally in the previous session, when the highest levels since 2015 were reached, oil prices were brough round on Tuesday.
The U.S. crude oil was tradingt at $52.77, falling by 0.09% from the previous session.
Brent futures were at $55.74 per barrel, going up 0.11%.
Prices retreated from the highs hit on Monday as traders took profits after the rally, but the market remained supported by the deal to peel of output.
The Organization of the Petroleum Exporting Countries and other countries that are not members of OPEC, but are oil producers, reached a deal on coordinated production cuts on Saturday. The deal represents the first one in 15 years and is ment to balance the oversupply market.
Producers that are not OPEC members agreed to cut output by 558,000 bpd starting the 1st of January 2017. The target was initially of 600,000 barrels per day, but it's close when talking about the a output cut by non-OPEC members.
Russia, one of the biggest producers, but not an OPEC member, declared that starting 1 January will reduce its production by 300,000 barrels per day.
OPEC announced on November 30 a total of 1.2 million barrels per day cut output.
The output cuts will start on January the 1st and after six months the oil producers will appraise the deal.
The reduction represents 2% of the the world's oil output.
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