Oil rises in price on expectations of production cuts

World oil prices rise on Tuesday amid upbeat investor sentiment about the implementation of the agreement to reduce oil production by the member countries and non-OPEC, on Tuesday, reports RIA Novosti, referring to the auction.

As of 20.15 cost of the March futures for North sea petroleum mix of mark Brent grew by 1.16 percent to 56,55 USD per barrel. The price of February futures for WTI rose by 1.26 percent to 53,69 dollars per barrel.

The main driver of growth in oil prices on Tuesday is the optimism of investors about production cuts by OPEC countries and 11 countries outside the cartel, from 1 January. The reduction will amount to 1.8 million barrels per day. The agreement was concluded for the first half of the year with the possibility of extension.

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