A year-end gain in crude oil prices on the first full trading day after the Christmas holiday was boosted by OPEC and signals from a top Russian oil producer. Crude oil prices have edged higher since late November when members of the Organization of Petroleum Exporting Countries agreed to production cuts starting in January. Oil prices had dropped below $30 per barrel on supply-side strains and the agreement is designed to bring balance back to the market more than prop up crude oil prices. Most analysts see few reasons to doubt major producers like Saudi Arabia will deviate from their commitments, which would account for the bulk of what OPEC plans for production cuts. Last week, Russian President Vladimir Putin himself vowed to respect the terms of an agreement that counts on non-OPEC members for a good deal of the managed declines. The […]