Oil gains on #Saudi output cuts; rally limited by U.S. output | Reuters

Oil gains on Saudi output cuts; rally limited by U.S. output | Reuters:

Oil prices rose almost 2 percent on Wednesday after top exporter Saudi Arabia said it would cut crude exports and deliver an even deeper cut to its production, but swelling U.S. crude inventories limited the day’s gains.

U.S. crude oil inventories rose last week to the highest since November 2017 as refiners cut runs to the lowest since October 2017, the Energy Information Administration said.

The increase came despite falling net imports, which dropped to the lowest on record, as domestic crude production remained at peak levels for the fifth straight week.

Brent crude futures settled up $1.19, or 1.9 percent, at $63.61 a barrel. The global benchmark touched a session high of $63.98, but pulled back after the EIA data was released.