Prices For Oil Up 2 Sessions In a Row As Natural Gas Jumps 5%

By Myra P. Saefong Markets MarketWatch Pulse

Oil futures climbed Thursday for a second straight session, buoyed by further indications that major producers are cutting back crude output. Strong demand growth in China and a fall in the U.S. dollar also provided support. February West Texas Intermediate crude rose 76 cents, or 1.5%, to settle at $53.01 a barrel. Natural-gas futures, meanwhile, saw the February contract climb 16.2 cents, or 5%, to finish at $3.386 per million British thermal units. Prices for the fuel ended at a nearly two-week high after U.S. government showed a larger-than-expected drop in weekly natural-gas supplies.

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