Oil prices rose in Asian trade on Monday on evidence that OPEC members have begun complying with agreed output cuts, rebounding slightly from four-year lows before the Christmas break.New York's main contract, light sweet crude for February delivery, rose USD 1.69 to USD 39.40 a barrel, on top of a gain of USD 2.36 to USD 37.71 in US trades on Friday.Brent North Sea crude for February delivery rose USD 1.64 to USD 40.01, after rising USD 1.76 to USD 38.37 in London on Friday.Analysts said the surge in prices was partly due to evidence that OPEC was cutting output as announced two weeks ago.The Organisation of the Petroleum Exporting Countries (OPEC) is starting to notify customers about the extent of production cuts, said Dave Ernsberger, Asia senior editorial director of Platts, an energy information company."People are starting to see evidence on OPEC cuts," he said.Ernsberger said the United Arab Emirates gave notice at the weekend of output cuts between three to 15 per cent, an example that cartel nations are serious about reducing production.OPEC's previous output cuts have often been met with only partial compliance. Ernsberger said that with many traders still on holiday, market liquidity is low and price movements can be exaggerated.Prices for the New York contract slid for nine sessions before bucking the trend last Friday, while Brent posted its lowest price in more than four years last Wednesday.
