Oil Prices Rise as Traders Eye Start of OPEC Cuts

Oil Prices Rise as Traders Eye Start of OPEC Cuts
AP Photo/Kamran Jebreili

Oil futures moved sharply higher Wednesday, shaking off earlier losses after a report of a drop in December crude exports from Saudi Arabia, as the new year marked the start of output cuts by the Organization of the Petroleum Exporting Countries and its allies.

Prices had suffered losses in earlier trading, fueled by concerns about the global economy and its potential impact on demand for crude.

Traders are “now buying key support and looking ahead to the OPEC cuts that will now go into play,” Phil Flynn, senior market analyst at Price Futures Group, told MarketWatch.

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