Oil rose on Friday after OPEC member Nigeria moved to cut supplies, Reuters reported. U.S. crude oil CLc1 settled 18 cents higher at $59.89 a barrel after reaching a session peak of $60.80, the highest level since Jan. 3, during intraday activity. London Brent crude LCOc1 fell 2 cents to $59.01. Nigeria on Friday cut seven cargoes of crude oil from its February export program, firming up earlier plans to improve its compliance with OPEC production cuts. Another 11 cargoes were cut from the March program. Dealers have been watching for signs OPEC members would comply with the group's planned output reduction of 1.7 million barrels per day. Concerns over supplies from Iran have also supported prices this week. Iran's supreme leader, Ayatollah Ali Khamenei, said on Thursday the Islamic Republic would target U.S. interests worldwide if it came under attack over its nuclear program. The U.N. nuclear agency has cut almost half of its technical aid projects in Iran to uphold U.N. sanctions imposed on Tehran over its the program. Reduced supplies from the Organization of the Petroleum Exporting Countries have helped boost prices, which in January fell to a 20-month low of $49.90 for U.S. crude.
