Oil Holds Gains Near $54 as Record OPEC Compliance

Oil held gains near $54 a barrel after OPEC achieved a record 90 percent initial compliance with its output-cut deal while demand grew faster than expected.

Oil Futures were little changed in world market after advancing 3.2 percent over the previous day monday as open of the week. Saudi Arabia reduced production by more than it had pledged to the other OPEC countries, while higher demand is helping to rebalance as non-opec  the market, the IEA said Friday. OPEC is due to release its monthly report on Monday, offering the group’s first update on its progress. In the U.S., drillers increased the rig count(according to baker  report) to the highest since October 2015, according to Baker Hughes Inc.