Oil prices edged higher Tuesday as coming cutbacks from some of the world’s biggest producers keep supporting the market when trading is light because of the holidays. Light, sweet crude for January delivery settled up 11 cents, or 0.2%, at $52.23 a barrel on the New York Mercantile Exchange. The January contract expired at settlement. The more actively traded February contract gained 24 cents, or 0.5%, to $53.30 a barrel. Brent, the global benchmark, gained 43 cents, or 0.8%, to $55.35 a barrel on ICE Futures Europe. Both benchmarks finished up in seven of the last nine sessions. The Organization of the Petroleum Exporting Countries agreed last month to cut output by 1.2 million barrels a day, equivalent to around 1% of global supply. A group of big oil producers outside the cartel, including Russia, agreed to join them and scale back their output by another 558,000 barrels a […]