Oil increases

Reuters

New York

Oil prices rose on Friday after reports that OPEC members delivered more than 90 percent of the output cuts they pledged in a landmark deal that took effect in January.

Supply from the 11 members of
the Organization of the Petroleum Exporting Countries with production targets under the deal fell to 29.92 million barrels per
day, according to the average assessments
of the six secondary sources OPEC uses
to monitor output, or 92 percent compliance.

The International Energy Agency (IEA) - one of OPEC's six sources - said the cuts in January equated to 90 percent of the agreed reductions in output, far higher than the initial 60 percent compliance with a 2009 OPEC deal.

"Some producers, notably Saudi Arabia, (are) appearing to cut by more than required," the agency said in a report.

Global benchmark Brent crude settled
up $1.07, or 1.9 percent, at $56.70 a barrel.