Oil prices rise sharply, bouncing off session low:
Oil prices were higher on the first trading day of 2019, bolstered by signs of tighter supplies from Saudi Arabia that offset record output in the United States and Russia and weak economic data.
Crude futures jumped as much as 5 percent earlier in the session, but gave up some of those gains in afternoon trading.
U.S. West Texas Intermediate crude ended Wednesday's session at a two-week high, up $1.13, or 2.5 percent, to $46.54. Brent crude rose $1.13, or 2.1 percent, to $54.93 a barrel at 2:28 p.m. ET, after trading as low as $52.51 earlier.
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