Oil Prices increase on market optimism

Oil prices edged up for a fourth consecutive session on Wednesday as market remains optimistic that oil producers will cut production as promised in January.

Both the U.S. and Brent oil prices reached an 18-month high on the day as market awaits evidence of supply reduction from members of the Organization of the Petroleum Exporting Countries (OPEC) and 11 other oil producers.

The West Texas Intermediate for February Delivery increased 0.16 U.S. dollars to settle at 54.06 dollars a barrel on the New York Mercantile Exchange, while Brent crude for February delivery added 0.13 dollars to close at 56.22 dollars a barrel on the London ICE Futures Exchange. Enditem