MTECHTIPS- Oil prices climbed to 18-month highs on the first trading day of 2017 on Tuesday amid hopes that an agreement between major producers to cut production will be effective in reducing a global supply glut and re balancing markets. Brent crude was trading up $1.33, or 2.34% at $58.15 a barrel at 08.10 Eastern Time, the highest level since July 2015. Oil markets were closed on Monday after the New Year’s holiday. U.S. crude oil was $1.3, or 2.42% at $55.02, also it’s highest since July 2015. January 1 marked the official start of the deal agreed by the Organization of Petroleum Exporting Countries and non-OPEC members in November to slash output by almost 1.8 million barrels per day.