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Oil spikes higher again as production cuts come into play

EURUSD News by Newsroom on 08:53 January 03, 2017 EST

Oil is rallying on Tuesday by more than 2% as the first days of the year see the enforcement of the production cuts previously agreed by the OPEC.

WTI traded briefly above $55 per barrel ahead of the US session and gives, marginally, parts of the gains as the morning goes on.

Stock futures were green before the opening bell but the market has turned somehow bearish, again, shedding some of the earlier gains.