MTECHTIPS:-Oil prices rise ahead of OPEC monthly report

MTECHTIPS:-Oil prices rise ahead of OPEC monthly report

MTECHTIPS- Oil prices were higher on Wednesday, as investors await a monthly report from the Organization of Petroleum Exporting Counties for further evidence that crude producers are adhering to planned output cuts. Crude oil for February delivery on the New York Mercantile Exchange tacked on 24 cents, or around 0.5%, to $52.72 a barrel by 3:50 AM ET (08:50 GMT), after rising 11 cents, or 0.2%, a day earlier. Elsewhere, Brent oil for March delivery on the ICE Futures Exchange in London inched up 33 cents, or about 0.6%, to $55.80 a barrel, after falling 39 cents, or 0.7%, in the prior session. January 1 marked the official start of the deal agreed by OPEC and non-OPEC member countries such as Russia in November last year to reduce output by almost 1.8 million barrels per day for the next six months. The deal, if carried out as planned, should reduce global supply by about 2%. However, some traders remain skeptical that the planned cuts will be as substantial as the market currently expects.

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