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Crude oil prices rose on Wednesday after Russia joined the production cut embarked on by members and non-members of the Organization of Petroleum Exporting Countries (OPEC)cut.
Brent crude futures, the international benchmark for oil prices, traded at $55.70 per barrel; an increase of 12 cents from its last closing price.
US West Texas Intermediate (WTI) crude futures rose by five cents to trade at $52.86 per barrel.
In 2016, OPEC began efforts to end a global fuel supply glut,which led to oil prices getting as low as $27 per barrel.
OPEC said it will cut production by 1.2 million barrels per day (bpd) in the first half of 2016, while excluding Nigeria and three other countries from the production cut because of output losses caused by conflicts.
Other producers, who are non-members, pledged to cut production by 600,000 bpd in output.
Brent crude futures, the international benchmark for oil prices, traded at $55.70 per barrel; an increase of 12 cents from its last closing price.
US West Texas Intermediate (WTI) crude futures rose by five cents to trade at $52.86 per barrel.
In 2016, OPEC began efforts to end a global fuel supply glut,which led to oil prices getting as low as $27 per barrel.
OPEC said it will cut production by 1.2 million barrels per day (bpd) in the first half of 2016, while excluding Nigeria and three other countries from the production cut because of output losses caused by conflicts.
Other producers, who are non-members, pledged to cut production by 600,000 bpd in output.
