Oil prices increase as producers show signs of output cut

Oil prices rose on Friday after oil producers from the Organization of the Petroleum Exporting Countries (OPEC) showed signs of crude output cut, which was stipulated in an agreement to ease global supply glut.

Media reported Friday that Saudi Arabia's state oil producer Saudi Aramco has started talks with customers globally on possible cuts of three percent to seven percent in February crude loadings.

There were also reports saying Kuwait and Abu Dhabi had reduced production in line with the OPEC output cut deal reached in November last year.

The West Texas Intermediate for February Delivery added 0.23 U.S. dollars to settle at 53.99 dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery increased 0.21 dollars to close at 57.10 dollars a barrel on the London ICE Futures Exchange.