Oil prices gained on Wednesday as reports showed further reduction in global output, bolstering the market.

Global supply fell 1.4 million barrels per day (bpd) to 99.7 million bpd in January, said the monthly report on Wednesday by the International Energy Agency.

A separate report on Tuesday showed the Organization of the Petroleum Exporting Countries (OPEC) significantly curbed its crude oil production.

OPEC said that crude oil production decreased by 797,000 bpd in January to average 30.81 million bpd.

Last December, OPEC and some other major oil producers, including Russia, pledged to cut production by 1.2 million bpd in order to prop up prices, effective from January 2019.

The West Texas Intermediate for March delivery increased 0.80 U.S. dollar to settle at 53.90 dollars a barrel on the New York Mercantile Exchange, while Brent crude for April delivery rose 1.19 dollars to close at 63.61 dollars a barrel on the London ICE Futures Exchange.