New York/London — Oil edged up on Monday, as investor optimism over the effectiveness of producer cuts encouraged record bets on a sustained price rise, although growing US output and stubbornly high stockpiles kept price gains in check. Top Opec exporter Saudi Arabia’s crude oil shipments fell in December to 8.014-million barrels per day (bpd) from 8.258-million bpd in November, official data showed on Monday. Brent futures were up 38 c at $56.19 a barrel at 4.22pm GMT, while US West Texas Intermediate crude was up 29c, or 0.5%, at $53.69 in very thin trading. The US market is closed on Monday for the Presidents Day holiday. WTI futures for delivery in March expire Tuesday. The Organisation of the Petroleum Exporting Countries and other producers, including Russia, agreed last year to cut output by almost 1.8-million bpd during the first half of 2017. Estimates indicate compliance with the cuts is around 90 percent. Reuters reported last week that Opec could extend the pact or appl...
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