MTECHTIPS;-NYMEX crude higher in early Asia as output compliance seen
MTECHTIPS;-NYMEX crude higher in early Asia as output compliance seen solid
MTECHTIPS- Crude oil prices gained in Asia on Monday as investors see solid adherence to OPEC and non-OPEC output cuts that could trim nearly 1.8 million barrels per day from the global market starting in January. On the New York Mercantile Exchange, crude oil for delivery in February rose 0.25% to $53.08 a barrel. Last week, oil futures finished higher on Friday, turning positive for the week amid indications that major crude producers are adhering to their promise to pull back on output. On the ICE Futures Exchange in London, Brent oil for February delivery jumped $1.19, or 2.2%, to settle at $55.21 a barrel by close of trade Friday, not far from a 17-month high of $57.89 touched earlier in the week. Russian Energy Minister Alexander Novak said on Friday that all Russian oil companies have agreed to cut crude output under Moscow’s agreements with members of the Organization of the Petroleum Exporting Countries. In addition, Kuwait reportedly notified customers that it would cut supplies from January as part of an effort by OPEC to stabilize the oil market.