Prices fall due to strong dollar, which rallied to its highest since 2002
Oil futures exchanges were closed on Monday for New Year public holidays
Market watchers said January will serve as an indicator for whether the agreement will stick
Oil prices will gradually rise towards $60 per barrel by the end of 2017
US light crude was down 20 cents at $53.86 by 1130 GMT
Brent crude oil futures fell 13 cents or 0.23% to $56.09 a barrel
Price differentials for lighter crudes could weaken once the supply cut comes into force
Prices were little changed on Friday in a market that closed early for the Christmas holiday
Brent futures for February delivery settled up 59 cents to $55.05, or 1.1 per cent
US crude stocks rose by 2.3 million barrels in the week to Dec 16 even as refineries hiked output
Brent futures for February delivery fell 89 cents, or 1.6 per cent, to settle at $54.46 a barrel
Libya announced the reopening of pipelines after a two-year blockade ended recently
Oil has traded near $50 a barrel since the Opec countries agreed to reduce production for the first time in eight years
Opec agreed to reduce output by 1.2 million bpd from January 1
Traders said that market prices rose as KPC appeared to be cutting supplies more than initially expected
Beyond the bearish impact from the US interest rate hike, oil prices were also dragged down by rising output from OPEC
International Brent crude futures were down 62 cents, or 1.1 percent, at $55.10
There was particular surprise as Saudi Arabia, the world's top producer, said it may cut its output even more than it had first suggested at an Organization of the Petroleum Exporting Countries meeting just over a week ago.
Non-Opec countries including Russia pledged to pump less next year
Aban Offshore, HOEL, Selan Exploration, Deep Industries, Cairn India and Jindal Drilling were up 2%-4% on the BSE.