Futures Movers: Oil prices gain on hope of substantial cuts to production by Saudi Arabia

Futures Movers: Oil prices gain on hope of substantial cuts to production by Saudi Arabia

Oil prices gain on hope of substantial cuts to production by Saudi Arabia. U.S. benchmark oil futures on Wednesday were trading higher as commodity experts wager that an important OPEC meeting and its allies will result in a cut in output to stabilize prices.. The de facto leader of OPEC Saudi Arabia has agreed to shoulder the lion's share of a proposed 1 million-a -day output reduction.. Beaten-down crude values also were enjoying a bounce for assets perceived as risky along with global equity benchmarks.. rose 83 cents, or 1.5%, to reach $48.01 a barrel on the New York Mercantile Exchange.. advanced 80 cents, or 1.5%, at $52.69 a barrel on ICE Futures Europe.. Mark DeCambre is MarketWatch's markets editor..