Oil prices rising in anticipation of production cut in Saudi Arabia

World oil prices on Jan. 29 rose on all major contracts, as traders are preparing to fulfill the new terms of the OPEC+ agreement from February, in particular, the reduction in the crude output in Saudi Arabia, Report informs, referring to Prime agency.

As of 13:57 (GMT +4), the price of April futures for North Sea Brent oil blend grew by 0.64 percent, to $55.45 per barrel, March futures - by 0.36 percent, to $55.73; the cost of March futures for WTI rose by 0.31 percent to $52.5 per barrel.

On the last day of trading in January, traders are playing back Saudi Arabia's decision to reduce oil production under the OPEC+ agreement further.

According to the latest January OPEC+ agreements, Russia and Kazakhstan got the opportunity to increase production in February and March, while Saudi Arabia and several other participants, on the contrary, decided to cut it further. Saudi Arabia, in particular, will cut production immediately by about 1 million barrels per day.

Another essential factor for the market may be that on Jan. 29 evening, the Baker Hughes Company will publish statistics on the number of operating oil rigs in the US. In the previous workweek ending Jan. 22, that number increased by two to 289 units.