Oil rises amid OPEC-led cuts

Oil rises amid OPEC-led cuts

Oil rises amid OPEC-led cuts

Global crude futures for the day were $ 60.83 a barrel, or 19 cents, up 0.3 percent from the previous close.

US West Texas Intermediate crude futures rose 10 cents, or 0.2 percent, from the previous settlement price of $ 52.21 a barrel.

"The oil market seems to be looking at Saudi Arabia's strong cuts in China's active supply and stimulus," said Jonathan Barath, investment manager at Props Securities in Sydney.

But signs of a growing economic slowdown elsewhere in the world prevent oil prices from rising today.

The outlook for the global economy grew bleak when British lawmakers on Tuesday rejected British Prime Minister Teresa Mae's agreement to leave the European Union.

Oil markets are supported by production cuts, which began late last year under the leadership of the Organization of the Petroleum Exporting Countries (OPEC) and Russia, a major non-OPEC producer.