Oil up nearly 2% on signs of widespread Opec deal compliance

New York

OIL prices rose nearly 2 per cent last Friday after reports that Organization of the Petroleum Exporting Countries (Opec) members delivered more than 90 per cent of the output cuts they pledged in a landmark deal that took effect in January.

Supply from the 11 Opec members with production targets under the deal fell to 29.921 million barrels per day, according to the average assessments of the six secondary sources that Opec uses to monitor output, or a 92 per cent compliance.