Oil prices edged up on Wednesday as investors bet that major oil producers will stick to their deal to cut output next year and help rebalance the market. While trading remained muted ahead of the holidays, crude prices have been bolstered in recent weeks by expectations that the Organization of the Petroleum Exporting Countries and some external producers will stick to a deal to reduce the global oil supply by almost 2% . Brent crude, the global oil benchmark, rose 0.4% to $55.58 a barrel on London’s ICE futures exchange. On the New York Mercantile Exchange, West Texas Intermediate futures contracts for February delivery were trading up 0.5% at $53.56 a barrel. “The market is up because there are people out there who believe that OPEC members will be able to maintain their agreed production cuts and that they will be able to enforce them,” said Georgi Slavov, the […]