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WL: Oil rises from one-month low as Saudi cuts counter U.S. output
 
NEW YORK (Bloomberg) -- Oil advanced from the lowest level in a month as investors weighed production cuts from Saudi Arabia and other OPEC members against a projected gain in U.S. crude output.

Futures gained as much as 1% in New York after dropping 5.9% the previous two sessions. Saudi Arabia was said to reduce February crude sales to China and southern Asian nations as it curbs supply in accordance with a deal between OPEC and other producers. The Energy Information Administration increased its forecast for U.S. production this year before a separate report Wednesday that is estimated to show crude inventories rose last week.

The EIA’s upward revision comes after the Organization of Petroleum Exporting Countries and 11 other nations agreed to curb output to trim a global supply glut, helping to push crude to an almost 18-month high in December. The price increase is luring non-OPEC producers back into the market. U.S. drillers added rigs for the 10th straight week, the longest run of gains since August 2011.

“Few envision that Brent crude at sub-$50 is a viable price in the first half of 2017 amid OPEC production cuts tightening up the market,” said Bjarne Schieldrop, chief commodities analyst at SEB AB bank in Oslo.

West Texas Intermediate for February delivery gained as much as 51 cents to $51.33/bbl on the New York Mercantile Exchange and was at $51.27 at 10:15 a.m. in London. Total volume traded was about 18% below the 100-day average. The contract declined $1.14 to $50.82 on Tuesday.

Saudi Cuts

Brent for March settlement rose as much as 62 cents, or 1.2%, to $54.26/bbl on the London-based ICE Futures Europe exchange. The contract lost $1.30, or 2.4%, to $53.64 on Tuesday. The global benchmark was at a premium of $2.04 to March WTI.

Two Southeast Asian refiners received cuts of about 30% from Saudi Arabia, according to two people with knowledge of the matter who asked not to be identified because the information is confidential. Reductions to a buyer in India were about 20%, one of the people said.

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