Oil futures rose Wednesday, with U.S. prices giving up earlier losses to settle at a two-week high amid signs that major oil producers have been cutting back on crude output.
Tanker-tracking data compiled by Bloomberg showed a monthly decline of roughly 464,000 barrels a day in December crude exports from Saudi Arabia. Production cutbacks by the Organization of the Petroleum Exporting Countries, as well as some nonmember countries, officially began at the start of the new year.
February West Texas Intermediate oil rose $1.13, or 2.5%, to $46.54 a barrel on the New York Mercantile Exchange. That was the highest finish since Dec. 19, according to FactSet data.
Source : Marketwatch