Bloomberg Crude Oil Rises on Speculation OPEC Cuts Are Curbing Oversupply

Feb. 11 (Bloomberg) -- Oil rose on speculation that OPEC production cuts are starting to reduce the oversupply of crude caused by weakening demand.

The industry-funded American Petroleum Institute yesterday said U.S. crude supplies unexpectedly declined 2 million barrels to 344.3 million last week. OPEC has complied with about 80 percent of production cuts announced through to December, the group’s secretary general said this week. An Energy Department report today is expected to show the smallest increase in stocks in four weeks, a Bloomberg survey showed. more...