Oil prices rise on OPEC output cut compliance

Oil prices rallied on Friday after the Organization of the Petroleum Exporting Countries (OPEC) delivered more than 90 percent of the output cuts they pledged in an agreement last year.

The West Texas Intermediate for March Delivery added 0.86 dollars to settle at 53.86 dollars a barrel on the New York Mercantile Exchange, while Brent crude for April delivery increased 1.07 dollars to close at 56.70 dollars a barrel on the London ICE Futures Exchange. Enditem