Sergei Karpukhin | Reuters
A worker at the Lukoil company-owned Imilorskoye oilfield in Kogalym, Russia, January 25, 2016
Oil prices were higher on Wednesday on signs that Russia and OPEC producers are delivering on promised supply reductions, though weekly U.S. supply data suggested a crude glut may persist.
Brent crude rose 78 cents, or 1.4 percent, to $56.36 a barrel at 2:04 p.m. ET (1904 GMT). U.S. crude was up 58 cents, or 1.1 percent, at $53.39.
Russia cut production in January by around 100,000 barrels per day (bpd), according to data seen by Reuters. A day earlier, a Reuters survey found high compliance by OPEC with agreed cuts.
"Any hopes of a sustained recovery in price will depend on increasing efforts by OPEC to curb output though the prospect of an upside breakout will be undermined by the budding revival in U.S. crude production," Stephen Brennock of oil broker PVM said.
A worker at the Lukoil company-owned Imilorskoye oilfield in Kogalym, Russia, January 25, 2016
Oil prices were higher on Wednesday on signs that Russia and OPEC producers are delivering on promised supply reductions, though weekly U.S. supply data suggested a crude glut may persist.
Brent crude rose 78 cents, or 1.4 percent, to $56.36 a barrel at 2:04 p.m. ET (1904 GMT). U.S. crude was up 58 cents, or 1.1 percent, at $53.39.
Russia cut production in January by around 100,000 barrels per day (bpd), according to data seen by Reuters. A day earlier, a Reuters survey found high compliance by OPEC with agreed cuts.
"Any hopes of a sustained recovery in price will depend on increasing efforts by OPEC to curb output though the prospect of an upside breakout will be undermined by the budding revival in U.S. crude production," Stephen Brennock of oil broker PVM said.
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