Oil prices climbed on Thursday after sharp losses the session before, buoyed by strong compliance with touted international production cuts, although a surge in U.S. crude inventories continued to drag. The Organization of the Petroleum Exporting Countries (OPEC) and other oil producers reached an agreement last year to cut output by almost 1.8 million barrels per day (bpd) in the first half of 2017, with investors paying close attention to levels of compliance with the landmark deal. Kuwait's oil minister said on Wednesday that OPEC's compliance with the cuts had exceeded targets, standing at 140 percent in February, while non-OPEC embers compliance was 50-60%.

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