Oil rose to a near one-month high on Wednesday on signs of a gradual tightening in global oil inventories and on concerns about a supply cut at a field in the United Kingdom’s North Sea that feeds into an international benchmark price.
Brent crude futures, the international benchmark for oil, were at 54.52 dollars per barrel, up 35 cents, or 0.65 percent, from their last close.
US West Texas Intermediate (WTI) crude futures were up 33 cents, or 0.65 per cent, at 51.35 dollars a barrel.
Both benchmarks on Wednesday hit their highest levels since March 8.
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Earlier, Mohammed Barkindo, the secretary-general of the Organisation of Petroleum Exporting Countries (OPEC) said the historic oil cut deal reached in 2016 has attained a 94 percent compliance level.
“The focus now is on the implementation of these production adjustment decisions, which are being analyzed and monitored through a Joint Ministerial Monitoring Committee (JMMC) and a supporting Joint Technical sub-Committee,” Barkindo had said.
“These are vital for the openness and transparency required to implement these decisions in a full and timely manner. To date, conformity with the decisions by all participating countries has been very encouraging.
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“For January 2017, OPEC and non-OPEC nations achieved a conformity level of 86 per cent. And in February, the overall conformity improved further to 94 per cent.”
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