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Oil rises 3 percent; lifted by OPEC cuts, steadying stock market

“The oil market continues to rally as the OPEC and non-OPEC production cuts are taking effect, reducing the oversupply situation that we’ve been seeing in the market,” said Andrew Lipow, president of Lipow Oil Associates in Houston” reports businessinsider.com. Record high crude oil production has pushed up U.S. inventories.Oil futures have gained about 10 percent since last Monday.Brent crude futures rose $1.47 to $58.53 a barrel, a 2.6 percent gain, as of 11:12 a.m.OPEC oil supply fell in December by 460,000 barrels per day (bpd) to 32.68 million bpd, a Reuters survey found last week, led by cuts from top exporter Saudi Arabia.
 
Source: businessinsider.com



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