Crude oil rises from one-month low

Futures climbed 1% in New York after dropping 5.9% in the previous two sessions

Oil price advanced from the lowest level in a month as investors weighed production cuts from Saudi Arabia and other Organization of the Petroleum Exporting Countries (OPEC) members against a projected gain in US crude output. Futures climbed as much as one per cent in New York after dropping 5.9 per cent in 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 (EIA) raised its forecast for US output this year before a separate report on Wednesday that is estimated to show crude inventories rose last week.   The EIA’s upward revision comes after the OPEC and 11 other nations agreed to curb output to trim a global supply glut.