Fri, 11 Jan 2013 12:03:05 GMT
Oil poised for five-week high amid Saudi Production Cut
Oil reached its fifth weekly gain after Saudi Arabia decreased production and investors speculated the recovery of global economy would increase fuel demand. WTI oil for February settlement dropped 2 cents reaching $93.80 a barrel, while futures climbed to $93.82, up 72 cents, the strongest since September. Meanwhile, Brent for February delivery fell to $111.65 a barrel.