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Brent crude rose over 2 percent earlier on Tuesday, and is now trading up 1.81 percent at $57.85 per barrel.
In the near term, that means oil prices are as important as ever.
News from Libya has hit the wires in late December that the country's major oil field could come back online after staying off for past two years. As US oil production surged, Saudi Arabia and other major oil producers boosted their own production to record highs in order to maintain market share, which caused the oil price to tumble.
Wood Mackenzie suggests that $55 per barrel is a sweet spot for the oil and gas industry to rebound, a level that is only slightly above today's prices.
Brent futures were up 46 cents, or 0.8 per cent, at $58.37 a barrel by 11:07 am EST (1607 GMT).
With Donald Trump poised to take the United States presidential office, some market commentators reckon his erratic outbursts on Twitter and protectionist attitude might push safe-haven seekers to gold.
"We're operating under a cloud of uncertainty at the moment", said Fed Chair Janet Yellen in the minutes.
In November, the Organization of the Petroleum Exporting Countries (OPEC) members agreed to the output cut. The OPEC's decision to cut oil supply has led oil prices to rise to over $50 a barrel.
But, if any countries begin to break from the deal, oil prices could tumble.
"Too much faith has been put in OPEC and the other countries that have promised cuts", John Kilduff, a partner at Again Capital, a New York-based hedge fund that focuses on energy, said by telephone.
After being insulated from an increase in the domestic fuel prices, the ongoing upsurge in global crude oil prices could spoil the party for Indian consumers of petrol and diesel. The OPEC nations have already started to see pressure coming off of them thanks to the pick-up in prices. Oil production in December was 347.4 million barrels, up 3.5 percent from December 2015. Prices are weakening slightly this morning, but trading is light before the holiday weekend, and it looks like WTI will end the week close to $54/b.
While reports of the OPEC deal holding strong into the new year boosted prices, increased production from USA oil and gas companies as well as a stronger dollar could create headwinds for oil prices.
The foreigners who died - majority from Arab countries - had gone to the club to celebrate a special night in style. He is believed to have slipped into Syria illegally, where he was trained in the use of guns and bombs and fought.
But when they are given the advantage of playing against a team with 10 men for 75 minutes, the task is nearly impossible. He said: "In the first half we weren't where we wanted to be in terms of keeping possession and creating chances.
But the No. 1 seed is still up for grabs - Patriots (13-2) get it with a win, Raiders get it with a win and a Pats loss. With the Rex Ryan revenge factor gone because he was sacked by Buffalo on Tuesday, not much to recommend in this one.
If he plays like that in the playoffs, Seattle just might find itself back in the Super Bowl for the third time in four seasons. And when do the Seahawks play at their best? San Francisco has potentially more to gain by losing the game than winning.
He and Amir are likely to come out with all guns blazing in the morning to add quick runs and then send Australia in to bat. A drawn series would be enough for them to retain the nameless trophy after winning in the Middle East in 2014 .
Rodgers threw four touchdown passes, two to Nelson, in the Packers' 34-27 win over the Lions at Lambeau Field earlier this season. Green Bay Packers (at Detroit; 70%) - If the Packers beat (or tie) the Lions, they are NFC North champs and in the playoffs.
Floyd did a good job in limited action against the Jets, despite finishing the game with just one reception on two targets. Barring a Miami win over Pittsburgh, the Pats will host the victor of the 4/5 matchup between the Raiders and Texans.
It might not be as surprising as the Cubs breaking a 108-year drought, but the Cubs were the best team in baseball all season. OK, so maybe the Dallas Cowboys didn't exactly ride to the rescue, though Jerry Jones might take credit for it anyway.
Saban's willingness to hire coaches who specialize in areas outside his comfort zone is a key to him keeping Alabama on top. The game was close near the half with the Tide holding a slim three-point lead and then Browning made a costly mistake.
Mentally, I think the Steelers need to nail the coffin shut on the regular season, so to speak, and put another win together. The other was a Chiefs win over Denver, but now KC is in either way. "We just went into attack mode", Roethlisberger said.
On a trick play, Bryant also threw the first pass of his National Football League career, a touchdown toss to Jason Witten. With the national spotlight on him in both games, Prescott strung together the two finest outings of his stellar year.
LG's Latest OLED TV Might as Well Be Wallpaper
This range ditches the 4K HDR Processor X1 engine in favour of the 4K Processor X1 version and runs on the Android TV OS. The super thin 4K TV features a stunnding display but its most notable feature is its speakers, or lack thereof.
Sooners go to the trick play well against Auburn
The Auburn Tigers and the Oklahoma Sooners will both be gunning for a victory on Monday when they meet at Mercedes-Benz Superdome. White has said he's 100 percent recovered from his shoulder injury, and his return should let the Tigers be somewhat balanced.
Cowboys win again, now 13-2 after beating Detroit
It probably isn't a good thing if the last line of defense is making the tackle, but Dallas has to love this hit and effort. It left Roberts lying right on his back, and fans in Dallas partying with the Cowboys comfortable ahead at the time, 42-21.
Packers-Lions moved to New Year's night
And now that we're here, we have to capitalize on that chance and play up to that momentum that we've had over the last few weeks. If they were playing anyone but the Packers, perhaps there would be a little more momentum on Detroit's side.
What becomes of Princess Leia now?
The 'Star Wars' actress passed away yesterday aged 60, four days after suffering a cardiac arrest on a flight to Los Angeles. Bill Dee Williams, who played Lando Calrissian in " Star Wars " trilogy, summed up what many were feeling.
Samsung retrieves 90% of Galaxy Note 7 in S.Korea
In terms of camera technology, Samsung is expected to endow the Galaxy S8 with a multi-sensor rear cam and front camera autofocus. Considering that it's still early days for the Galaxy S8 , we might get to hear a bit more about this aspect in the days to come.