On Thursday oil prices have increased as Saudi Arabia had cut production to meet OPEC's agreement to cut output. Saudi Arabia cut oil output in January by at least 486,000 barrels a day to 10.06 million barrels a day. On Thursday, closing crude values have increased.WTI on NYME closed at $53.76/bbl, prices have increased by $0.50/bbl in compared to last closing prices. While Brent on Inter Continental Exchange increased by $0.43/bbl in compared to last trading and was assessed around $56.89/bbl.
