oil prices

Oil prices are higher Wednesday ahead of U.S. official stockpile data later in the session.

Brent crude was up 0.70 cents at $55.97. U.S. crude gained 31 cents or 0.59 to $53.12.

American Petroleum Institute API weekly figures showed a rise of 5.8 million barrels in crude stocks in the latest week, Tuesday.

Tuesday witnessed a surge in oil prices on news that the world’s top producers are keeping their word to cut oil supplies.

The Organization of the Petroleum Exporting Countries in January achieved 82 percent compliance with its promised production cuts which came higher than the forecasts.

“This is very high, a good number,” an OPEC source said of the January compliance estimate.

Read all about the OPEC deal to curb oil outputs to boost prices

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