Saudi energy minister: Iraq compliance with OPEC cuts improved in December

Iraq's compliance with OPEC cuts improved in December and the country is expected to have full compliance in January, Saudi Arabia's energy minister said on Monday.

"We have enough oil production capacity, the minister added and explained that they have taken all the necessary precautions to ensure the safety of their oil facilities.

These comments were largely ignored by the market participants and the barrel of West Texas Intermediate (WTI) was last seen trading at $59.05, erasing 0.2% on a daily basis.