Oil Jumps as Saudis Cut Exports, U.S. Equities Regain Ground

Oil prices rallied on the first trading day of 2019 on signs that Saudi Arabia was fulfilling a pledge to cut exports and U.S. equities pared some of their losses. Global benchmark Brent crude climbed almost 4 percent percent to near $56 a barrel in London trading, while West Texas Intermediate oil leaped as well, erasing earlier losses brought on by disappointing manufacturing data out of China.