Brent crude futures, the international benchmark for oil prices, were trading at US$55.20 per barrel at 0827 GMT, up 25 cents, or 0.45%, from the previous close. US West Texas Intermediate (WTI) crude oil futures were trading at US$52.222 per barrel, up 26 cents, or 0.5%. “Latest comments from Opec members ... suggest that members are making output adjustments to comply with agreed cuts,” Dutch bank ING said. Fuel demand from the world’s third-biggest oil consumer hit 16.53 million tonnes in December, up 4.3% from the same period last year. “US SPR sales add to bearish pressures on US crude,” Citi said following the release of the bids.

Source: The Star January 11, 2017 02:31 UTC