Oil prices are on track for their biggest annual percentage gain since 2009 on the back of an agreement struck between OPEC and non-OPEC countries to cut crude production output.
U.S. benchmark West Texas intermediate (WTI) crude futures were up 23 cents to $54.00 at 0746 GMT. Brent front-month March crude oil futures rose 31 cents to $57.16.
Brent futures have risen about 53 percent this year while WTI futures have climbed around 46 percent. The 2016 gains in the oil market were the best since the 2009 rally, when Brent and WTI rose 78 percent and 71 percent respectively.
In a sign that producers are adhering to an agreed production cut, Oman notified some of its term customers that it will cut term allocations by 5 percent in March, but did not state if the reduction in supply would continue after that.
The market also shrugged off an unexpected increase in U.S. crude inventories, which rose 614,000 barrels in the week to Dec. 23, U.S. Energy Information Administration (EIA) data showed. Analysts had expected a decrease of 2.1 million barrels in the period.
Still, the rise in crude stocks in the EIA data was significantly smaller than in Wednesday's American Petroleum Institute (API) data that indicated a 4.2 million barrel build in U.S. crude oil stocks in the same period. []
"Today's Department of Energy report was positive for light products due to draws in gasoline and distillate inventories compared to consensus' build expectations," British bank Barclays said in a note.
Gasoline stocks fell 1.6 million barrels, compared with analysts' expectations in a Reuters poll for a 1.3 million-barrel rise.
The market is likely to have focused on the surprise draw in product stocks and taken a slightly more bullish view towards the WTI contract, traders said.
Oil prices will gradually rise towards $60 per barrel by the end of 2017, a Reuters poll showed on Thursday, with further upside capped by a strong dollar, a likely recovery in U.S. oil output and possible non-compliance by OPEC with agreed cuts.
Reuters
Fri Dec 30 2016
![Oil prices on track for greatest yearly percentage gain since 2009 Oil prices on track for greatest yearly percentage gain since 2009](https://resizer-awani.eco.astro.com.my/tr:w-177,h-100,q-100,f-auto/http://img.astroawani.com/2016-12/71483087623_oil.jpg)
File photo: REUTERS/Beawiharta
![Wanita melecur, lapan rumah musnah dalam kebakaran di Tawau Wanita melecur, lapan rumah musnah dalam kebakaran di Tawau](https://resizer-awani.eco.astro.com.my/tr:w-177,h-100,q-100,f-auto/https://img.astroawani.com/2024-07/61721195863_lapanrumahmusnah.jpg)
Wanita melecur, lapan rumah musnah dalam kebakaran di Tawau
Seorang wanita melecur pada muka serta kaki dalam kejadian kebakaran melibatkan lapan rumah di Kampung Hidayat, Jalan Apas pagi tadi.
Wanita melecur, lapan rumah di Tawau musnah
Seorang wanita terpaksa dikejarkan ke hospital selepas cedera melecur dalam kejadian kebakaran membabitkan lapan buah rumah di Kampung Hidayat Batu 4 Jalan Apas, Tawau Sabah pada awal pagi Rabu.
Penganggur tikam gadis 19 kali, simbah cuka getah terlepas hukuman gantung
Mahkamah Persekutuan yang bersidang di Johor Bahru mengetepikan hukuman gantung yang dijatuhkan ke atas seorang penganggur atas kesalahan menikam seorang remaja perempuan sehingga menyebabkan kematian pada 2010
[TERKINI] Telefon pintar Nur Farah ditemui dalam parit
Telefon pintar dipercayai milik bekas penuntut Universiti Pendidikan Sultan Idris (UPSI), Nur Farah Kartini Abdullah, ditemui di kawasan parit ladang kelapa sawit Kampung Sri Keledang, Hulu Bernam.
![Angka korban insiden tembakan di masjid Oman meningkat kepada enam orang Angka korban insiden tembakan di masjid Oman meningkat kepada enam orang](https://resizer-awani.eco.astro.com.my/tr:w-177,h-100,q-100,f-auto/https://img.astroawani.com/2024-07/61721199094_insidentembakanber.jpg)
Angka korban insiden tembakan di masjid Oman meningkat kepada enam orang
Angka kematian susulan insiden tembakan berhampiran masjid di kawasan Al-Wadi Al-Kabir, Oman meningkat kepada enam termasuk seorang anggota polis.
![Presiden Perancis Macron terima peletakan jawatan PM Attal Presiden Perancis Macron terima peletakan jawatan PM Attal](https://resizer-awani.eco.astro.com.my/tr:w-177,h-100,q-100,f-auto/https://img.astroawani.com/2023-09/81693632996_EmmanuelMacron.png)
Presiden Perancis Macron terima peletakan jawatan PM Attal
Presiden Perancis Emmanuel Macron telah menerima peletakan jawatan Perdana Menteri Gabriel Attal.
![Kedutaan Vietnam bantu keluarga mangsa kes bunuh di hotel Bangkok Kedutaan Vietnam bantu keluarga mangsa kes bunuh di hotel Bangkok](https://resizer-awani.eco.astro.com.my/tr:w-177,h-100,q-100,f-auto/https://img.astroawani.com/2024-07/51721191154_GrandHyattErawanh.jpg)
Kedutaan Vietnam bantu keluarga mangsa kes bunuh di hotel Bangkok
Pesuruhjaya Polis Bangkok Thithi Saengsawang dalam satu sidang media lewat Selasa berkata bahawa kesemua mangsa dipercayai dibunuh.
![Penubuhan dana kesihatan negara bagi berdepan ancaman kesihatan masa depan - Dzulkefly Penubuhan dana kesihatan negara bagi berdepan ancaman kesihatan masa depan - Dzulkefly](https://resizer-awani.eco.astro.com.my/tr:w-177,h-100,q-100,f-auto/https://img.astroawani.com/2024-07/71721191129_DzulkeflyAhmad.jpg)
Penubuhan dana kesihatan negara bagi berdepan ancaman kesihatan masa depan - Dzulkefly
Penubuhan dana kesihatan negara yang sedang dipertimbang adalah sebagai kesiapsiagaan dalam menghadapi sebarang ancaman kesihatan masa hadapan.
![Telefon bimbit dipercayai milik Nur Farah Kartini ditemukan dalam parit Telefon bimbit dipercayai milik Nur Farah Kartini ditemukan dalam parit](https://resizer-awani.eco.astro.com.my/tr:w-177,h-100,q-100,f-auto/https://img.astroawani.com/2024-07/71721196548_NurFarahKartiniT.jpg)
Telefon bimbit dipercayai milik Nur Farah Kartini ditemukan dalam parit
Sebuah telefon bimbit dipercaya milik mangsa, Nur Farah Kartini Abdullah, 25, ditemukan dalam parit, berhampiran lokasi mayat mangsa ditemukan.
![Petronas buat bayaran tunai lima peratus jika petroleum didapati dan diperoleh di Terengganu Petronas buat bayaran tunai lima peratus jika petroleum didapati dan diperoleh di Terengganu](https://resizer-awani.eco.astro.com.my/tr:w-177,h-100,q-100,f-auto/https://img.astroawani.com/2024-07/41719905942_AzalinaOthman.jpg)
Petronas buat bayaran tunai lima peratus jika petroleum didapati dan diperoleh di Terengganu
Petronas hanya membuat pembayaran tunai lima peratus kepada kerajaan negeri Terengganu sekiranya petroleum didapati dan diperoleh di negeri itu.
![Harga minyak mentah terus merosot Harga minyak mentah terus merosot](https://resizer-awani.eco.astro.com.my/tr:w-177,h-100,q-100,f-auto/http://img.astroawani.com/2018-12/61545618217_OilRig.jpg)
Harga minyak mentah terus merosot
Indeks penanda aras minyak Brent jatuh 27 sen kepada AS$53.55 dolar, terendah sejak September 2017.