Oil buoyant as Opec-led production cuts show results

Sydney/Singapore — Oil prices rose on Friday after a report from Opec showed its production fell sharply in December, easing fears about prolonged oversupply.

A report by The Wall Street Journal on Thursday saying that Washington was considering lifting some or all tariffs imposed on Chinese imports also buoyed financial markets, including oil, analysts said.

US West Texas Intermediate (WTI) crude futures were at $52.62 a barrel at 3.39am GMT, up 55c, or 1.1%, from their last settlement.

International Brent crude oil futures were up 54c, or 0.9%, at $61.72 a barrel.

Opec, along with some other producers including Russia, cut oil output sharply in December before a new accord to limit supply took effect on January 1, it said on Thursday, suggesting that producers have made a strong start to averting a glut in 2019 as a slowing economy curbs demand.