Oil prices edge up as OPEC says its crude output fell sharply in December
Updated : January 18, 2019 08:01 AM IST
US West Texas Intermediate (WTI) crude futures were at $52.40 per barrel at 0026 GMT, up 32 cents, or 0.6 percent, from their last settlement. WTI futures closed down 0.4 percent on Thursday.
OPEC 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.
OPEC said in its monthly report that its oil output fell by 751,000 barrels per day (bpd) in December to 31.58 million bpd, the biggest month-on-month drop in almost two years.
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