Oil Prices Tick Up On OPEC Studying Output Cut, Iran Tensions

Oil prices inched up on Tuesday as tension around Iran’s seizure of a South Korean vessel simmered and after it emerged that the OPEC+ group is studying a possible production cut in February, according to a document. Brent crude futures for March rose 35 cents to $51.44 a barrel by 0947 GMT, while U.S. West Texas Intermediate crude for February was at $48.04 a barrel, up 42 cents. Both contracts fell more than 1% on Monday after the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as…