Oil prices firmed Tuesday, holding near more than 1-year highs, buoyed by commitments from oil producing countries to cut global production by around 2%. Brent crude, the global oil benchmark, rose 0.7% to $56.07 a barrel on London’s ICE Futures exchange, having on Monday hit its highest level since July last year. On the New York Mercantile Exchange, West Texas Intermediate futures were trading up 0.5% at $53.08 a barrel. The commitments by the Organization of the Petroleum Exporting Countries to cut production by 1.2 million barrels a day, and non-OPEC nations to cut 558,000 barrels a day, should help balance supply and demand by the first half of 2017, the International Energy Agency’s monthly oil report said . The report showed global oil supplies increased in November to 98.2 million barrels a day as rising OPEC output outweighed a drop in non-OPEC output. “On the OPEC cut they […]