Oil Prices Notch Biggest One-day Gain Of The Year

By Myra P. SaefongMarketsMarketWatch Pulse

Oil prices rallied Tuesday to notch their largest one-day dollar and percentage gain since December, according to FactSet data. Prices found support on the back of news Monday that Saudi Arabia plans to cut its crude exports and Nigeria agreed to limit its production. Expectations for a slowdown in U.S. production, after Anadarko Petroleum Corp. cut its full-year spending budget, also contributed to price gains. September WTI crude rose $1.55, or 3.3%, to settle $47.89 a barrel on the New York Mercantile Exchange.

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