Oil prices jumped by more than one percent after figures out of OPEC showed the cartel slashed production last month.
OPEC said Tuesday it cut production by almost 800-thousand barrels a day in January compared to the previous month...to average 30 million barrels a day.
The bulk of the cuts was led by Saudi Arabia and were aimed at boosting sagging prices.
West Texas Intermediate crude oil futures rose one-point-three percent to 53 U.S. dollars a barrel after OPEC released the data.