TEHRAN (FNA)- Crude oil prices rose after estimates showed a nearly 70% compliance among OPEC members on the organization's production cut.
US crude for March delivery stood 70 cents higher at the end of Tuesday trade, reaching $40.78 a barrel on the New York Mercantile Exchange.
Other factors that are believed to have influenced the dynamic include Botelho de Vasconcelos' announcement that OPEC may further reduce output to halt the six-month price decline.
Angolan Oil Minister Jose Maria Botelho de Vasconcelos, the group's current president, said "new measures" may be adopted at the next OPEC meeting in Vienna on March 15th if the current output cuts do not bring about higher prices.
The 13-member OPEC, which pumps about 40 percent of the world's oil, agreed at a December meeting to cut output by 2.2 million barrels per day beginning January 1 in a bid to balance supply with demand.
According to a Reuters survey, the organization of oil producers has achieved about 67% of the total 4.2 million barrels per day cut.
Another potential factor in the price rise is the economic situation in the United States. The US National Association of Realtors has reported that the number of new home sales increased by a seasonally adjusted 6.3% in December.
