Oil prices nudges higher as OPEC reduces output

Washington, Feb 1: US oil prices edged higher on Friday, recovering from losses of nearly 1 percent in the previous session, as data showed major exporters are quickly reducing output in line with a supply cutting pact. U.S. West Texas Intermediate (WTI) futures were at $53.96 per barrel at 0009 GMT, up 17 cents, or 0.3 percent, from their last settlement. In the previous session, WTI hit $55.37 a barrel, the highest since Nov. 21, before reversing course to end lower. “Prices supported by data showing further falls in output,” ANZ Bank said in a research note. The 14-member Organization of the Petroleum Exporting Countries pumped 30.98 million barrels per day (bpd) in January, a Reuters survey showed, down 890,000 bpd from December and the largest month-on-month drop since January 2017.