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Oil prices rise on stock market strength

Xinhua, January 27, 2017 Adjust font size:

Oil prices rose Thursday amid stock market strength and expectations that global oil producers will fully comply with an output cut deal.

The U.S. crude price was driven up by about two percent on Thursday by the ongoing rally in the U.S. stock market.

The Dow Jones Industrial Average on Wednesday closed above the psychological mark of 20,000 points for the first time ever, while the other two major indices also finished at record highs, boosted by a batch of generally positive earnings reports.The Dow further edged up 0.16 percent on Thursday.

In the meantime, Algeria's Energy Minister said Thursday that the Organization of the Petroleum Exporting Countries and other producers are likely to reach the 1.8 million-barrel-per-day output cuts in February, according to media reports.

The West Texas Intermediate for March Delivery added 1.03 dollars to settle at 53.78 dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery increased 1.16 dollars to close at 56.24 dollars a barrel on the London ICE Futures Exchange. Endit