Oil prices rise on output cuts
Xinhua, February 4, 2017 Adjust font size:
Oil prices rose Friday as the market saw some of the oil producers comply strictly with an output cut deal reached last year.
Media reports said producers including Russia, Saudi Arabia, and Iraq showed signs that they are ahead of their schedule in reducing output as part of the deal to rebalance the market.
News that the United States imposed sanctions on some Iranian entities and individuals added volatility in the day's trading.
Analysts said any headline news about Gulf countries is likely to trigger response from the market.
The West Texas Intermediate for March Delivery added 0.29 dollars to settle at 53.83 dollars a barrel on the New York Mercantile Exchange, while Brent crude for April delivery increased 0.25 dollars to close at 56.81 dollars a barrel on the London ICE Futures Exchange. Enditem