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Oil prices recover on signs of tightening market

Xinhua, January 25, 2017 Adjust font size:

Oil prices recovered Tuesday as market saw signs of global oil producers' compliance with an output cut deal.

Media reports said that Iraq has trimmed supply by 180,000 barrels a day and will cut a further 30,000 a day by the end of the month, adding to signs of a tightening market. Last week, Saudi Arabia's energy minister said that 1.5 million barrels per day had already been taken out of the market this month.

The World Bank said Tuesday in its commodity markets outlook that it is holding steady its crude oil price forecast for the year at 55 dollars per barrel, a 29 percent jump from 2016. The energy price forecast assumes members of the Organization of the Petroleum Exporting Countries and other oil producers will partially comply with an agreement to limit production after a long period of unrestrained output.

The West Texas Intermediate for March Delivery added 0.43 dollars to settle at 53.18 dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery increased 0.21 dollars to close at 55.44 dollars a barrel on the London ICE Futures Exchange. Enditem