Oil climbed to an 18-month high in New York as output cuts by Kuwait and Oman signaled OPEC and its partners are delivering on their agreement to stabilize the market. Futures rose as much as 2.8 percent after adding 45 percent last year, the biggest annual gain since 2009. OPEC member Kuwait has reduced output by 130,000 barrels a day to about 2.75 million a day, Al-Anba newspaper reported, citing Kuwait Oil Co. Chief Executive Officer Jamal Jaafer. Oman is cutting 45,000 barrels a day from 1.01 million, the Oil Ministry’s Director of Marketing Ali Al-Riyami said on Oman TV. Oil climbed for the first time in three years in 2016 as the Organization of Petroleum Exporting Countries and 11 other nations agreed to cut output starting Jan. 1 in an effort to reduce bloated global inventories. Prices, which eased in […]