Oil Prices Rise

Oil Prices Rise

Oil prices rose more than 1% on Friday after news that OPEC members' initial compliance with last year's landmark production cut deal reached a record high.

The 11 OPEC members with production targets under the deal complied with a record 92% of the targeted volume in January, according to the average assessments of the six secondary sources OPEC uses to monitor its output, which were seen by Reuters. The International Energy Agency also reported on Friday that OPEC members' cuts in January equated to 90% of the agreed volumes.

Global benchmark Brent crude was up 57 cents at $56.20 a barrel, touching a session high of $56.39 shortly after the IEA report's publication. US West Texas Intermediate crude futures traded up 46 cents at $53.46.

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