Crude Oil Prices Rise After Oil Producers Reduce Production

Equityworld Futures, Jakarta lebh Oil prices rose higher on Tuesday, supported by daily inventory data that showed there was a decline in production.

The decline in production occurred after agreement is obtained between oil exporting countries OPEC and non-OPEC countries.

Launch CNBC, US oil prices rose 43 cents or 0.8 percent to US $ 53.18 per barrel. While the price of world oil benchmark, Brent also rose 17 percent to US $ 55.40 per barrel.

Ministers of OPEC and major producers outside OPEC said on Sunday that nearly 1.8 million barrels per day of production they agreed to cut, trimmed.

"The oil market re-excited by light volume, with key support from production cuts in January from OPEC and non-OPEC," said Tim Evans, analyst at Citi Futures Energy Specialist.

Iraqi Oil Minister mengarakan on Monday that most of the oil companies working in the region to participate in the production cuts agreed by OPEC.

However, this pruning collided with the increase in US production when prices rise. US oil wells add some refineries in the last 4 years, data from Baker Hughes.

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