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UK: Oil jumps over 1% after upbeat IEA report
 
Oil Friday jumped after an upbeat report by the International Energy Agency (IEA).
Brent crude was up $1.03, or 1.85%, at $56.66 at 08:00 ET. U.S. crude added 83 cents, or 1.57%, to $53.83.
The IEA's latest monthly report estimated a record compliance level with output cuts in January by OPEC of 90%.
OPEC members have agreed to cut output by 1.2 million barrels a day in the first half of this year.
Non-OPEC members led by Russia have also agreed to reduce production by 558,000 barrels a day.
The IEA also raised its estimate for growth in global oil demand to 1.6 million barrels a day.
If output cut compliance is adhered to that could produce a draw of 600,000 barrels a day in the first half of the year.
Robust Chinese crude imports also underpinned the market.
Baker Hughes U.S. rig count figures are due out later in the session.
Increased North American shale activity could undermine the impact of the production cuts
Source