U.S. oil futures on Wednesday headed sharply higher after Saudi Arabia affirmed its commitment to reducing output, buoying crude prices.
April West Texas Intermediate crude rose $1.07, or 1.9%, to trade at $56.55 a barrel on the New York Mercantile Exchange, while global benchmark April Brent rose 85 cents, or 1.3%, to $66.21 a barrel on ICE Futures Europe.
The gains in crude come as the energy minister of Saudi Arabia, Khalid al-Falih, reiterated his country's commitment to cutting output to rebalance the market. Saudi Arabia is viewed as the de facto leader of the Organization of the Petroleum Exporting Countries because it is the biggest producer of the oil cartel and holds the most political sway in the group.
Source : Marketwatch