Oil prices rose in the first trading hours of 2017, buoyed by hopes that a deal between OPEC and non-OPEC members to cut production, which kicked in on Sunday, will be effective in draining the global supply glut.

Oil prices shot up 13 percent, smashing trading volume records, after OPEC and Russia cut a deal to reduce output to drain a global supply glut,

 Oil prices started August trading with fresh falls on Monday after several bearish reports, including rising output from OPEC, a rise in U.S. drilling and weak economic data from Asia.

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 The weekly Reference Basket Price of the Organization of Petroleum Exporting Countries crude stood at 104.40 U.S. dollars per barrel last week, a sharp drop from 107.12 dollars the previous week,

 OPEC is set to stick to its oil output limit at a meeting on Wednesday, even as Iraq and Iran eye higher crude exports amid slashed Libyan production.