Futures Movers: Oil sticks to 19-month highs after upbeat OPEC comments

U.S. oil prices stayed at a 19-month high Wednesday after OPEC leaders affirmed that the supply cut effort by heavyweights producers was making headway.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in April CLJ7, +0.35% traded at $54.52 a barrel, up $0.19, or 0.2%, in the Globex electronic session. April Brent crude LCOJ7, +0.42% on London’s ICE Futures exchange rose $0.23, or 0.4%, to $56.91 a barrel.

Oil prices rose 1% overnight after OPEC Secretary-general Mohammad Barkindo said compliance rate among cartel members who agreed to participate in the production cutback deal is expected to increase above the current 90%.

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