Oil rose for a third day after a survey showed strong compliance with output cuts by OPEC and others, offsetting concerns about surging US production.
The price of the Brent crude oil futures contract for April delivery rose by 0.29% to $69.85 per barrel. US West Texas Intermediate (WTI) crude was up 0.47% at $66.11 a barrel.
OPEC pumped 32.4 million bpd in January, up 100,000 bpd from December. Last month’s total was revised down by 110,000 bpd to the lowest since April 2017, Reuters reported.
US crude output surpassed 10 million bpd in November for the first time since 1970, the Energy Information Administration said this week.
