U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 78 cents, or 1.5 percent, at $52.85 per barrel.
The news agency, which compiled data from the New York Mercantile Exchange, went on to remark that "U.S. crude prices have rebounded more than 18 percent to start this year: that's the biggest climb over the first 13 trading days since January 2001". It is expected, that during the current period of the cuts, until June 2019, OPEC and allies will remove a total of 1.195 million bpd off the market and keep production at 43.874 million bpd.
Hedge funds boosted net wagers on rising Brent crude prices by 9 percent in the week ended January 15, mostly because they continued to unwind a short-selling spree from the end of 2018, data from the ICE Futures Europe exchange show.
The U.S.is on its way to producing more crude than either Russian Federation or Saudi Arabia, who until recently vied for the top spot.
Even as the USA rig count tumbled by 21 to 852, the biggest decline since 2016, Energy Information Administration data last week showed American drillers pumped 11.9 million barrels a day.
Oil traders seem increasingly convinced OPEC's prompt action in cutting production will be enough to offset the impact of rising shale production and slowing global growth.
DRC court confirms Tshisekedi victor of disputed presidential election
But the court has never overturned results before, and some think most of its judges are close to the ruling party. The court went on to declare Tshisekedi as the "President of the Democratic Republic of Congo by simple majority".
The International Monetary Fund trimmed its global growth forecasts on Monday and a survey showed increasing pessimism among business chiefs, highlighting the challenges facing policymakers as they tackle an array of actual or potential crises, from the US-China trade war to Brexit.
The price market structure for the Brent crude price has flipped to a slight backwardation after hovering in a slight contango for the past two weeks.
USA drillers cut 21 oil rigs this week, the biggest decline since February 2016.
Crude Oil price rebound in broad market as influence from US EIA crude oil inventory update faded away in the market. "Even if this goal is too ambitious the United States will go on applying strong pressures on buyers of Iranian oil in order for them to stop importing crude from Tehran", said Perrin.
After closing out 2018 in free-fall amid fears of a global supply glut and economic slowdown, United States crude prices have rebounded more than 18% to start this year.
"It remains quite likely that the trade spat with the USA has played a part in this latest slowdown", CMC Markets chief market analyst Michael Hewson said. China saw its exports fall unexpectedly in December by 4.4 percent, the most in two years, with imports also falling 7.6 percent in their biggest decline since July 2016.