Oil rises on signs of producers' compliance with output cuts

U.S. West Texas Intermediate (WTI) crude was up 33 cents at $51.23 per barrel. "The market has faith in the OPEC deal and should trade higher in the near future," said Tamas Varga, lead oil analyst at London brokerage PVM Oil Associates. The Organization of the Petroleum Exporting Countries has agreed to reduce output by 1.2 million barrels per day (bpd) from Jan. 1, its first such deal since 2008.