Saudi Arabia has been curbing oil output in January by at least 486,000 barrels per day to 10.058 million bpd, fully implementing OPEC’s agreement to slow production, according to a Gulf source familiar with Saudi oil policy.
NYMEX crude for February delivery was at $53.69 a barrel by 0016 GMT, after closing up 50 cents on Thursday.
Brent crude for March delivery had yet to trade after settling up 43 cents at 56.89 dollars a barrel.
Prices had fallen earlier on Thursday after data showed a surprisingly large increase in US gasoline and distillate inventories.
United States crude stocks dropped sharply to end the year, the Energy Information Administration said, with a draw of 7.1 million barrels.
However, stocks of gasoline and distillates surged as refiners ramped up production to reduce crude inventories, a year-end practice to avoid higher taxes.
