Oil prices climbed on Wednesday on signs of gradual tightening in a market bloated by years of overproduction that has left storage tanks around the world brimming with unsold fuel. Prices for front-month Brent crude futures, the international benchmark for oil, were at $54.28 per barrel at 0149 GMT, up 11 cents from their last close. In the United States, West Texas Intermediate (WTI) crude futures were up 16 cents at $51.19 a barrel. 

Traders said that slowly tightening market conditions were driving price rises, with the Organization of the Petroleum Exporting Countries (OPEC) leading an effort to cut output. With most of OPEC's crude exported on tankers, tracking ship movements can be a good gauge of market conditions.

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