Here Is What the OPEC Cuts Mean for the Oil Market in 2017

The International Energy Agency expects the recent OPEC production cuts, if implemented, to lead to a deficit in the oil market during the first half of 2017. A deficit, where supply exceeds demand, would lead to higher oil prices, according to Ahu Yildirmaz, head of the ADP Research Institute. "Clearly, the next few weeks will be crucial in determining if the production cuts are being implemented and whether the recent increase in oil prices will last," the IEA said on Tuesday. TheStreet's Scott Gamm reports from Wall Street.