Ahead of January 1st, 2017 output cut deal agreed between Organization of Petroleum Exporting Countries and non-OPEC members in 15 years, oil prices have experienced little changes on Tuesday in light pre-New Year holiday trading.

The official start of the deal agreed by the OPEC and non-OPEC members would bring to lower production by almost 1.8 million barrels per day (bpd).

London Brent crude for February delivery LCOc1 was down 5 cents at $55.11 a barrel by 0732 GMT (2.32 a.m. ET) as the contract stood about 5 per cent below a 17-month high of $57.89 hit on December 12 after non-OPEC members agreed to make a concerted effort with OPEC to tame a global supply glut that has squeezed prices.

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