Oil scores best January on record as supply cuts revive market

Feb 04, 2019
Oil scores best January on record as supply cuts revive market

NEW YORK (Bloomberg) — Oil closed lower but still scored its best January gain on record, after a month in which OPEC’s emergency supply cuts started to take root and panic eased about the global economy.

Futures in New York dived 0.8% late Thursday, after a government report that U.S. production had swelled to an all-time high in November. Nonetheless, benchmark West Texas Intermediate crude prices ended the month 18% higher, recouping about a third of the losses from a tailspin late last year amid fears of a global glut.

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