Oil prices are up on the back of the weak US dollar

 
Courtney Goldsmith
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Oil prices are up today thanks to the US dollar (Source: Getty)

Oil prices rose today, supported by a weak US dollar and Saudi Arabia's promise to stick to the production cut commitments.

The Brent crude futures benchmark spiked 77 cents to $56.63 per barrel earlier this morning, while West Texas Intermediate (WTI) crude futures were up 88 cents at $53.25 per barrel.

Earlier this month, the Organisation of the Petroleum Exporting Countries (Opec) warned it might not meet crude production cuts aimed at curbing a global surplus of fuel.

The organisation revealed in November it would work to cut production by 1.2m barrels a day from the first of the year.

Opec said compliance of 80 per cent would be good and as low as 50 to 60 per cent is acceptable.

Exporter Saudi Arabia said it will adhere to its commitment cut crude production, which has also bolstered prices.

Read more: Oil prices fell today after Opec said it won't deliver full output cuts

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