Oil prices rebounded on Wednesday as investors anticipated OPEC may cut its output ceiling by 1 million barrels each day.

Oil prices rebounded on Wednesday as investors anticipated OPEC may cut its output ceiling by 1 million barrels each day.

Crude for February delivery closed up US$ 1.66 at US$59.82 a barrel on the New York Mercantile Exchange.

Natural gas also rose by 40.9 cents to US$ 11.43 per million British thermal units.

Unleaded gasoline increased 7.56 cents to US $1.589 a gallon and heating oil was up 4.55 cents at US$ 1.6825 a gallon.

The rise in oil prices came after the Organization of Petroleum Exporting Countries’ second biggest producer, Iran, said it wanted to cut the oil cartel’s production ceiling by 1 million barrels each day at OPEC’s next meeting on Jan. 31.

The rally in crude futures pulled natural-gas futures off their lows.

Natural gas had lost about US$ 3 in the past three sessions after mild weather forecasts and data showing the well- supplied with gas in storage in US prompted a wave of selling.

Source : english.eastday.com