Crude oil prices were up early Thursday on a higher note as the global oil market awaits additional production cuts by OPEC and allies to take effect beginning on new year.

International benchmark Brent crude was trading at $67.44 per barrel at 0630 GMT for a 0.36% gain on Thursday after closing Tuesday at $67.20 a barrel.

American benchmark West Texas Intermediate was at $61.33 a barrel at the same time for a 0.23% increase after ending the previous session at $61.19 per barrel.

Most markets around the world had limited trading on Wednesday due to Christmas Day.


Read more: Oil prices up as market awaits OPEC cuts to take effect