The light, sweet crude oil price for February rose above $48/bbl on the New York market Jan. 7 while Brent crude oil price for March settled above $57/bbl, which analysts attributed to production-cut plans by the Organization of Petroleum Exporting Countries and others. OPEC officials told the Wall Street Journal that Saudi Arabia plans to cut crude exports to about 7.1 million b/d by Jan. 31 in efforts to support Brent oil prices of $80/bbl or higher.

Source: News