Oil Rises on Saudi Cutback

Updated Jan. 10, 2013 10:06 p.m. ET

Crude-oil prices climbed to a 16-week high on news that Saudi Arabia, the world's largest oil exporter, cut production in December.

The news raised the possibility that Saudi Arabia would continue to trim output in coming months, which could offset the impact of rising U.S. oil production on prices.

Saudi Arabia, the de facto leader of the Organization of the Petroleum Exporting Countries, cut output by 5% in December from a...

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