Buoyed by hopes that a deal rubber seal Suppliers between OPEC

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Libya recently doubled output to 600,000 bpd, and Jonathan Barratt, CIO at Sydneys Ayers Alliance, said the country had the capacity to ramp up production further, to as much as 1.2 million bpd.But optimism that oil producers would stick to an agreement made earlier this month to cut output by almost 1.8 million bpd from Jan. 1 reined in the drop in prices. "It is a safe assumption particularly in the early stages that Opec and non-Opec producers will abide by the agreement to curb output," said Ric Spooner, chief market analyst at CMC Markets in Sydney.Seoul: Oil prices rose in the first trading hours of 2017, buoyed by hopes that a deal rubber seal Suppliers between OPEC and non-OPEC members to cut production, which kicked in on Sunday, will be effective in draining the global supply glut.Inteational Brent crude oil prices LCOc1 were trading up 31 cents, or 0.55 per cent, at $57.13 a barrel at 0203 GMT on Tuesday - close to last years high of $57.89 per barrel, hit on December 12. Oil markets were closed on Monday after the New Years holiday.

US benchmark West Texas Intermediate (WTI) CLc1 crude oil prices were up 32 cents, or 0.6 percent, at $54.04, not far from last years high of $54.51 reached on December 12.January 1 marked the official start of the deal agreed by the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC member countries such as Russia in November last year to reduce output by almost 1.8 million barrels per day.Market watchers said January will serve as an indicator for whether the agreement will stick."Markets will be looking for anecdotal evidence for production cuts," said Ric Spooner, chief market analyst at Sydneys CMC Markets. "The most likely scenario is OPEC and non-OPEC member countries will be committed to the deal, especially in early stages."Libya, one of two OPEC member countries exempt from cuts, increased its production to 685,000 barrels per day (bpd) as of Sunday, up from around 600,000 a day in December, according to an official from the National Oil Corporation (NOC).Elsewhere in OPEC, member country Oman told customers last week that it will cut its crude term allocation volumes by 5 percent in March.

Non-OPEC member Russias oil production in December remained unchanged at 11.21 million bpd, but it was preparing to cut output by 300,000 bpd in the first half of 2017 in its contribution to the production cut accord.Young people down the ages have always looked for inspiration and I was no different. One such inspiration was Swami Vivekanand. I was fascinated by his story: How he came from an aristocratic family and then went on to become one of the most revered spiritual leaders of his time. Two timelines and addresses stood out in his biography — his 1882 meeting with Ramakrishna Paramahansa in Kolkata which answered his questions and formed his beliefs; and his 1893 visit to Boston to meet professor John Henry Wright of Harvard University, which led to his eventual famous speech at the Parliament of World Religions in Chicago.

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