Oil

Market participants would be looking out for last week'.s US inventory data to provide further price direction.

Both crude price benchmarks had already gained more than 2 percent in the previous session.

Given oil’s plummet at the end of last year. OPEC’s strategy to stabilize the market might look a bust.

OPEC oil supply fell in December by 460.000 barrels per day (bpd).

Iraq oil minister has directed oil officials to take urgent measures to comply with the cuts.

The Saudis curtailed production by 420.000 barrels a day to 10.65 million last month.

In recent months. the Saudis increased production by more than 1 million barrels per day.

The two countries on Nov. 2 signed a bilateral agreement to settle oil trades through an Indian government-owned bank.

Brent is set to enter 2019 below $54 per barrel and is expected to trend lower amid surging US supply.

A possible trade deal between the United States and China is progressing well.