U.S. Oil Prices Extend Gains On Compliance With Output Cuts

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U.S. oil rose for a third day on Friday after a survey showed strong compliance with output cuts by OPEC and others including Russia, offsetting concerns about surging U.S. production.

 

U.S. West Texas Intermediate (WTI) crude was up 32 cents, or 0.5 percent, at $66.12 a barrel by 0108 GMT.

 

Brent futures, the global benchmark, were up 19 cents, or 0.3 percent, at $69.84 a barrel.

 

OPEC oil production rose January from an eight-month low as higher output from Nigeria and Saudi Arabia offset a further decline in Venezuela and strong compliance with a supply reduction pact, a Reuters survey showed.

 

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