Oil prices climb on OPEC output cut

NEW YORK, Jan. 12 (Xinhua) — Oil prices ended higher on Thursday as key members of OPEC were reported to start cutting production.
The West Texas Intermediate for February Delivery added 0.76 U.S. dollars to settle at 53.01 dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery increased 0.91 dollars to close at 56.01 dollars a barrel on the London ICE Futures Exchange.