Oil Prices Surge as OPEC Begins Production Cuts
Oil prices have rallied over 2% to 18-month highs. January 1 was the official start of the OPEC and other major oil producers output-trimming accord, and the anecdotal signs of compliance have been encouraging. Oman, for instance, told clients last week that it would be cutting its oil term allocation volumes by 5% in March, which followed other similar notifications from other key suppliers. WTI is presently up by 2.3% at $54.95, down slightly from the earlier high at $55.24.
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