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Oil prices rise on signs of output reduction

Xinhua, February 15, 2017 Adjust font size:

Oil prices rose Tuesday as report showed major global oil producers complied with a deal to ease supply glut last month.

The Organization of the Petroleum Exporting Countries (OPEC) cut its crude oil production by 890,000 barrels per day from December to average 32.14 million barrels per day in January, the cartel said in its monthly oil market report on Monday.

Saudi Arabia contributed the most as it cut production more than it pledged under the deal to curb supply.

The West Texas Intermediate for March Delivery added 0.27 dollars to settle at 53.20 dollars a barrel on the New York Mercantile Exchange, while Brent crude for April delivery increased 0.38 dollars to close at 55.97 dollars a barrel on the London ICE Futures Exchange. Enditem