MTECHTIPS:-Oil firms ahead of planned output cuts

MTECHTIPS:-Oil firms ahead of planned output cuts

Oil prices firmed in light trade on Tuesday as investors looked ahead to the implementation of planned output cuts by global producers, which is due to kick in on January 1.
Brent crude added 3 cents, or 0.05%, to $55.93 at 07:58 ET. U.S. crude gained 15 cents, or 0.28%, to $53.17. OPEC members agreed to reduce output by a combined 1.2 million barrels per day starting from January 1, their first such deal since 2008. The pact was followed by an agreement from 11 non-OPEC producers, led by Russia, to cut their supplies by 558,000 barrels a day, bringing the total to almost 1.8 million barrels per day.
However, some traders remain skeptical that the planned cuts will be as substantial as the market currently expects.

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