Oil Prices Rise Today on Unexpected Drop in Inventories and OPEC Cut

The global Brent crude contract reached a fresh 18-month high but has backed down on the strong U.S. dollars. An expected drop in oil inventories to be released later today is sending oil prices higher. There are also signs the production cut announced by oil producing nations will stick. Tesla (TSLA) - Get Report  shares are under pressure as deliveries missed forecasts. Production delays continue to plague the automaker. Tesla says it delivered about 22,200 vehicles in the final three months of the year. The total trailed the automaker's projection for 25,000 units and brought its full year tally to 76,230 vehicle, below the 80,000 expected. A Wall Street lawyer is emerging as President-elect Donald Trump's top choice for chairman of the Securities and Exchange Commission. Reuters reports Jay Clayton has worked on high-profile initial public offerings such as Alibaba (BABA) - Get Report . Also Secretary of State nominee Rex Tillerson has agreed to cut ties with Exxon Mobil (XOM) - Get Report  .