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Futures Movers: Oil prices rise amid investor optimism over production cuts for 2017

Crude futures traded between small gains and losses on Tuesday, with the market sticking to an optimistic view ahead of a landmark effort by oil producers to reduce global supply.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in February CLG7, +0.32% traded at $53.36 a barrel, up 33 cents, or 0.6%, in the Globex electronic session. February Brent crude LCOG7, +0.02% on London’s ICE Futures exchange slipped rose 20 cents, or 0.4%, to $55.36 a barrel.

Oil markets were closed on Monday for the Christmas holiday.

Starting January, most members of the Organization of the Petroleum Exporting Countries and 11 other non-cartel producers will start scaling back their production as part of a deal they made in the end of November.

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