Oil gives up earlier losses to trade sharply higher as OPEC output cuts kick in
Oil futures turned sharply higher Wednesday, finding support on the first full trading day of 2019 as traders looked to the output cuts by the Organization of the Petroleum Exporting Countries and some nonmember producers that began at the start of the year. Traders are "now buying key support and looking ahead to the OPEC cuts that will now go into play," said Phil Flynn, senior market analyst at Price Futures Group. He also pointed out that data from Bloomberg revealed a drop in crude exports from Saudi Arabia in December. February West Texas Intermediate oil CLG9, +2.80% rose $1.28, or 2.8%, to $46.69 a barrel on the New York Mercantile Exchange. Prices fell nearly 11% in December, according to Dow Jones Market Data.
Have breaking news sent to your inbox. Subscribe to MarketWatch's free Bulletin emails. Sign up here.
Source: Read Full Article