Oil prices rise amid output drop
By Trend
Oil prices climbed on Tuesday as latest data showed the Organization of the Petroleum Exporting Countries (OPEC) significantly curbed its crude oil production in January, indicating a tightening global supply, Trend reports citing Xinhua.
OPEC reported on Tuesday that crude oil production decreased by 797,000 barrels per day (bpd) in January to average 30.81 million bpd.
Preliminary data also indicated that global oil supply decreased in January by 1.03 million barrels a day, month-on-month, to average 99.32 million barrels a day, said the report.
The data came after a meeting in December that OPEC and some other major oil producers, including Russia, pledged to cut production by 1.2 million bpd, effective from January 2019.
The West Texas Intermediate for March delivery increased 0.69 U.S. dollar to settle at 53.10 dollars a barrel on the New York Mercantile Exchange, and Brent crude for April delivery climbed 0.91 dollar to close at 62.42 dollars a barrel on the London ICE Futures Exchange.
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