Oil futures began the year with a jolt Tuesday, with Brent hitting a more-than one-year high, boosted by anticipation the production cuts agreed late last year would kick in and help drain global stockpiles. The Organization of the Petroleum Exporting Countries, along with other oil producing countries including Russia, agreed to cut output by 1.8 million barrels a day or around 2% of global production starting this month. Brent crude, the global oil benchmark, rose 2.3% to $58.11 a barrel on London’s ICE Futures exchange, having earlier peaked at $58.37, its highest level since July 2015. On the New York Mercantile Exchange, West Texas Intermediate futures were trading up 2.4% at $54.98 a barrel. A motorist fills her car at a gas station in Oklahoma City, Oklahoma. “It may be moving in anticipation that evidence will emerge that stocks are coming off,” said Gareth Lewis-Davies, senior commodity strategist at […]