Despite earlier comments that the Saudis did not appear to have implemented their output cut (as per OPEC agreement), WSJ reports that Saudi Arabia cut oil output - fully implementing OPEC cut pledge. Oil is bouncing on the news.

From this morning - no cut!:

 Saudi Arabia crude supplies have been abundant and doesn’t look to be cutting, Takashi Hirose, Executive Vice President at TonenGeneral, says in Tokyo on Thursday.

And now - Fully cut...

BREAKING: Saudi Arabia has cut oil output by at least 486,000 b/d 10.058 million b/d, fully implementing OPEC cut pledge: Source @WSJ

— Georgi Kantchev (@georgikantchev) January 5, 2017

which has provided a modest bid to crude prices... 

(Click on image to enlarge)

The move is very modest though - it seems either everyone is fully positioned or no one really believes it.