U.S. benchmark West Texas Intermediate (WTI) crude oil prices were up 35 cents, or 0.7 percent, at $54.07 at 0010 GMT, not far from last year's high of $54.51 reached on Dec. 12.
MALAYSIAN companies with oil producing assets are the clear beneficiaries of the recent global oil pact by major producers to cut down oil production.
The initiative, which was spearheaded by the Organisation of the Petroleum Exporting Countries (Opec) and involved both Opec members and non-member countries, will see a reduction of around 1.76 million barrels per day (bpd) from the global output beginning next year.
