Oil up on OPEC deal as prices rise

Oil prices went up in early Asian trade after OPEC agreed to tighten global crude supply with a deal to reduce production by 2 million barrels per day.

The Organization of Petroleum Exporting Countries and allies, including Russia, a group known as OPEC, would squeeze supplies in an already tight market.

By 0027 GMT, Brent crude futures rose 46 cents, or 0.5%, to $93.83 per barrel, while U.S. West Texas Intermediate WTI crude futures rose 45, or 0.5%, at $88.21 per barrel.

Saudi Arabia, the group's de facto leader, said the cuts were equal to 2% of worldwide supply because of rising interest rates in the West and a weaker global economy.

The deal has been criticised by the administration of U.S. President Joe Biden. The White House said it would consult with Congress on possible ways to reduce the cartel's control over energy prices in an apparent reference to legislation that could expose members of the group to antitrust lawsuits.

Russian Deputy Prime Minister Alexander Novak said Russia may cut oil output in an effort to offset the effects of price caps imposed by the West over Moscow's actions in Ukraine.