Oil prices rallied on Friday after the Organization of the Petroleum Exporting Countries (OPEC) delivered more than 90 percent of the output cuts they pledged in an agreement last year.

OPEC crude production fell by one million barrels per day to 32.06 million barrels per day in January, leading to record initial compliance of 90 percent with the output agreement, said International Energy Agency in its oil market report released on Friday.

"Some producers, including Saudi Arabia, cut supply by more than required. Lower production was partly offset by higher flows from Libya and Nigeria, which are exempt from cuts," the report said.

The West Texas Intermediate for March Delivery added 0.86 dollars to settle at 53.86 dollars a barrel on the New York Mercantile Exchange, while Brent crude for April delivery increased 1.07 dollars to close at 56.70 dollars a barrel on the London ICE Futures Exchange.

Source: Xinhua