Crude Oil Rallies As OPEC Trims Production

Crude oil prices rebounded Wednesday after falling sharply over the previous two sessions.

A report from S&P Global Platts confirmed that OPEC production fell in December, even though supply quotas were not required until the start of the new year.

Output from the group's 13 members fell by 280,000 barrels a day in December from a month earlier, to 32.85 million barrels a day.

That news offset bearish data from the Energy Information Department. U.S. inventories of crude and refined oil rose more than expected last week, with stocks of distillates hitting six-year highs.

Analysts point to a drop in demand over the first weeks of winter.

However, the World Bank says some of president-elect Donald Trump's policies will boost U.S. GDP and in turn drive the global economy higher in 2017.

WTI light sweet crude oil for March was up $1.43 at $52.25/barrel.

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Support and resistance levels

Jan 22 at 1:47 UTC