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Crude Prices Sit at 55 Dollars a Barrel Tuesday Indicating Production Cuts May Prove Effective

The global benchmark reached $57.89 on Dec. 12, the highest since July 2015. U.S. crude CLc1 gained 15 cents to $53.17.

The recent OPEC deal may have spurned steady oil price of $55 on Tuesday, indicating the December agreement may in fact become effective for strengthening the price of oil.

 January 1st is officially when OPEC's deal will take effect and this includes non-OPEC members that all agreed to cut production by 1.8 million barrels per day. 

Brent crude LCOc1 was unchanged at $55.16 a barrel at 1128 GMT (6:28 a.m. ET) . The global benchmark reached $57.89 on Dec. 12, the highest since July 2015. U.S. crude CLc1 gained 15 cents to $53.17. (Reuters)

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