Oil ticked higher as Kuwait cuts supplies

Oil benchmarks traded higher this Friday morning on reports Kuwait is cutting supplies more than expected.

WTI oil and Brent oil were changing hands at $51.16 and $54.24 levels respectively.

The moderate gains came after Kuwait it would cut supplies from January as part of an effort by OPEC and other producers led by Russia to cut production by almost 1.8 million barrels per day (bpd).

Meanwhile, strong US dollar is playing a spoil sport, making it difficult for the prices to gather bullish momentum.

The focus today is on the US Baker Hughes oil rig count report.