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Oil prices climb on OPEC output cut

Xinhua, January 13, 2017 Adjust font size:

Oil prices ended higher on Thursday as key members of the Organization of the Petroleum Exporting Countries (OPEC) were reported to start cutting production.

OPEC reached an agreement in November to cut oil production to curb a global supply glut that has depressed prices for more than two years. Some countries have already taken action to implement the deal.

Saudi Arabian Energy Minister Khalid al-Falih said on Thursday the kingdom had cut oil supply to its lowest level in almost two years, while Kuwaiti Oil Minister Essam Al-Marzouq said the country had already cut its oil output by more than it promised under the deal, according to latest media reports.

Analysts said the deal seems to be moving ahead as planned, which supported the oil prices on Thursday.

The West Texas Intermediate for February Delivery increased 0.76 dollars to settle at 53.01 dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery added 0.91 dollars to close at 56.01 dollars a barrel on the London ICE Futures Exchange. Enditem