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Oil rose to $63 a barrel, up 88 cents

Oil prices rose on Wednesday after Saudi Arabia said it would cut crude exports and cut production further, and US data showed a drop in domestic oil inventories.

By 9:50 GMT, Brent crude was trading at $63.3 a barrel, up 88 cents, while US crude was up 66 cents at $53.76 a barrel.

This came after OPEC said on Tuesday that it cut production in January by about 800 thousand barrels per day to 30.81 million barrels per day, Saudi Arabia accounted for the lion’s share of these reductions.

Saudi Energy Minister Khalid al-Faleh told the Financial Times yesterday that Saudi Arabia’s output would drop below 10 million bpd in March, more than half a million bpd above the target agreed under the OPEC + deal. Source