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Oil prices edged up on Friday, supported by reports on details of OPEC output cuts, although lingering doubts over producer compliance with supply reduction targets weighed on the market. Brent crude futures, the international benchmark for oil prices, were trading at USD 56.07 per barrel at 0249 GMT, up 6 cents from their last close.
U.S. West Texas Intermediate (WTI) crude futures were at USD 53.09 per barrel, up 8 cents. Record Chinese imports of oil at 8.56 million barrels per day (BPD) in December supported prices, with those imports expected to continue rising in 2017, traders said.
Traders said that prices were also supported by comments from top crude exporter Saudi Arabia that its output had fallen below 10 million bpd, levels last seen in early 2015.
That would also mean that the kingdom has cut production by more than the 486,000 bpd it agreed to under a global deal to stem a fall in oil prices.
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