The price of oil started 2017 with optimism, trading close to $60 per barrel but the initial price surge has not held as traders are fearful that the promised cuts will not be delivered, Macro Advisory Senior Partner and founder Chris Weafer wrote in an emailed note to investors on January 11.

Traders are expected to remain hopeful, but wary, until the evidence of compliance starts to be reported late in the first quarter of this year, Weafer wrote. That should mean Brent trading in the $50-t...

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