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"If you look at where the biggest production cuts are coming from its largely about the Gulf states and Russia – this gives me even more comfort there will be material compliance," he said.Brent LCOc1 futures for February delivery climbed 17 cents to $54.US West Texas Intermediate crude CLc1 had risen 13 cents to $52.3 million barrels compared with an expected 2."Members of the Organization of the Petroleum Exporting Countries (OPEC) led by Saudi Arabia and non-OPEC members signed a deal earlier this month to cut oil output by almost 1.A weaker dollar makes greenback-denominated commodities including oil cheaper for holders of other currencies.8 million barrels per day from January 1.5-million barrels drop, the US Energy Information Administration said on Wednesday.63 a barrel, having previously finished 89 cents lower.

"It is a safe assumption China Wholesale thread screw barrel particularly in the early stages that OPEC and non-OPEC producers will abide by the agreement to curb output," Spooner said.65 earlier this week."We're pretty close to the closing level – it'll be interesting to see if the upward momentum is maintained as the Europe and US sessions open up," said Ric Spooner, chief market analyst at CMC Markets in Sydney.Russian Energy Minister Alexander Novak on Wednesday said trust between oil producing countries is important if a global deal to curtail output is to succeed.Elsewhere, US crude stocks posted a surprise build last week, climbing by 2. I think compliance is likely.end-ofTags: oil, oil price, crude oil, brent crude, opec, wtiLocation: Singapore, –, Singapore.63 a barrel, having previously finished 89 cents lower.Meanwhile, Libya's National Oil Corporation (NOC) said it hoped to add 270,000 barrels a day to national production after it confirmed on Tuesday that pipelines leading from Sharara and El Feel fields had reopened."Russia invested a lot in securing agreement so you wouldn't expect them to fail to comply in the early stages.REUTERS Published: Dec 22, 2016, 7:59 am IST Updated: Dec 22, 2016, 8:00 am IST Brent LCOc1 futures for February delivery climbed 17 cents to $54. A weaker dollar makes greenback-denominated commodities including oil cheaper for holders of other currencies.62 a barrel by 0121, after closing the previous session down 81 cents.

But gains were capped by an unexpected rise in US crude inventories last week and as Libya said it expected to boost output over the next few months.The dollar index which tracks the greenback against a basket of six rival currencies, slipped as investors took profits after its rise to a 14-year peak of 103.Singapore: Oil prices nudged higher in tepid Asian trading on Thursday, supported by a weaker dollar and optimism crude producers would abide by an agreement to curb output to prop up markets