Oil gains ahead of OPEC, non-OPEC cuts in January 1

The Us oil prices extended gains in post-Christmas trading, as OPEC and non-OPEC members are set to start curbing output in less than a week to support oil prices.

NYMEX crude for February delivery CLc1 was up 16 cents at $53.18 a barrel by 0002 GMT, after closing up 7 cents at a 17-month high on Friday.

London Brent crude for February delivery LCOc1 was yet to trade after settling up 11 cents at $55.16 a barrel on Friday. Oil markets were closed on Monday after Christmas holiday. READ MORE»

Photo Credit: Thisday

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