Oil rises as OPEC's commitment to pledges to cut production

Section: Economic News Hits: 4806 Published on: Today, 21:29

Awad oil's losses in early trade on Wednesday, at a time when investors become confident OPEC's strict commitment to their pledges to cut production despite signs that increased US production curb gains.

The Reuters survey showed that the Organization of Petroleum Exporting Countries {OPEC} reduced oil production for the second month in February to strengthen its commitment to OPEC's high rate is already about 94 percent.

And contributed to massive cuts made by Saudi Arabia and Angola offset lower than before the other members who have agreed to restrict their production commitment.

By 1030 GMT, futures rose for Brent for May delivery 27 cents to $ 56.78 a barrel, while futures for WTI rose US mediator April delivery 18 cents to $ 54.19 a barrel.

Oil prices are 23 percent higher compared with the level at the end of November when OPEC announced a production cut agreement, but this rally encouraged increased US production.