Brent oil exceeds $61

Brent oil exceeds $61

Oil prices rose after a report from OPEC showed its production fell sharply last month, easing fears about prolonged oversupply.

International Brent crude oil futures were up 54 cents, or 0.9%, at $61.72 per barrel. WTI crude futures were at $52.62 per barrel at 0339 GMT, up 55 cents, or 1.1%, from their last settlement.

OPEC, along with some other producers including Russia, cut oil output sharply in December before a new accord to limit supply took effect on Jan. 1, it said, suggesting that producers have made a strong start to averting a glut in 2019 as a slowing economy curbs demand, Reuters reported.

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.