Oil higher as OPEC cuts hold sway over U.S. stockpile build-up

Oil turned higher Thursday as OPEC compliance with output cuts held sway over a larger-than expected rise in U.S. stockpiles.
Brent crude was up 29 cents, or 0.51%, at $57.09 at 08:00 ET. U.S. crude added 17 cents, or 0.32%, to $54.05.
Energy Information Administration weekly figures showed a rise of about 6.5 million barrels in U.S. crude inventories.
Expectations were for an increase of around 3.3 million barrels.
Gasoline inventories also rose more than forecast.
OPEC and non-OPEC producers plan to cut output by some 1.8 million barrels a day in the first half of this year.
The compliance level of OPEC members with the agreed cuts has been estimated at over 80%.

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