Crude prices leap as traders wait for more data

neft brentOn Tuesday, crude prices crept higher in thin volume as investors held back their bets ahead of more data points to trade on.

In New York, April delivery light, sweet crude futures gained 0.26%, trading at $54.18 a barrel. Additionally, April delivery Brent crude futures LCOJ7 surged 0.4%, being worth $56.14 a barrel.

Crude prices made scant revenues overnight on signs that participants in an Organization of the Petroleum Exporting Countries-led output cut agreement are actually fulfilling their promises. Meanwhile, a heavyweight crude producer, which joined the pact, Russia, is expected to demonstrate a 117,000 barrel drop in February from last month.

Compliance to the output agreement is proving both a boon and bane for the crude market. Apparently, data so far reveals a 90% compliance rate, thus reinforcing views that the supply will be tighter under this plan.

However, since the six-month output pact has only been in force since January, some analysts are qutie skeptical how much longer the members would stay committed to the agreement.

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