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Oil prices rise on high OPEC compliance with output cuts

Xinhua, February 22, 2017 Adjust font size:

Oil prices rose on Tuesday after the Organization of the Petroleum Exporting Countries (OPEC) said it has been sticking to an output cut agreement and hoped to see higher compliance in the future.

OPEC Secretary General Mohammad Barkindo said that January data showed conformity from participating OPEC nations with output curbs had been above 90 percent and that oil inventories would decline further this year, according to media reports.

Barkindo said all countries involved remained resolute to achieve higher level of conformity, media reports said.

The West Texas Intermediate for March Delivery added 0.66 U.S. dollars to settle at 54.06 dollars a barrel on the New York Mercantile Exchange, while Brent crude for April delivery increased 0.48 dollars to close at 56.66 dollars a barrel on the London ICE Futures Exchange. Endit