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Oil prices rise on strong Chinese imports, OPEC-led production cuts
Oil prices rose on Friday after reports that OPEC members delivered more than 90 % of the output cuts they pledged in a landmark deal that took effect in January.
Supply from the 11 members of the Organization of the Petroleum Exporting Countries with production targets under the deal fell to 29.92 million barrels per day, according to the average assessments of the six secondary sources OPEC uses to monitor output, or 92 % compliance.
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The International Energy Agency (IEA) - one of OPEC's six sources - said the cuts in January equated to 90 % of the agreed reductions in output, far higher than the initial 60 % compliance with a 2009 OPEC deal.
Global benchmark Brent crude settled up $1.07, or 1.9 %, at $56.70 a barrel. It touched a session high of $56.88. U.S. West Texas Intermediate (WTI) crude futures settled up 86 cents, or 1.6 %, at $53.86 a barrel.
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