Oil prices rose for the first time in three days on Wednesday, following news of Saudi supply cuts to Asia, but persistent doubt over output reductions and signs of rising shipments from other producers kept gains in check.
Brent crude futures LCOc1 were up 52 cents at $54.16 a barrel by 0950 GMT, while U.S. West Texas Intermediate crude futures CLc1 were up 44 cents at $51.26 a barrel.
Brent has surrendered nearly 40 percent of the gains made between late November and early January. Analysts, however, said the slide was unlikely to become more aggressive, given the likelihood of Saudi Arabia and its Gulf neighbours at least sticking to their pledge to cut output.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.