Oil gains 1 per cent after Saudi Arabia pledges more output cuts

OPEC, earlier, said it had reduced oil production almost 800,000 barrels per day (bpd) in January to 30.81 million bpd

Oil prices rose more than 1 per cent on Tuesday after the Organization of the Petroleum Exporting Countries (OPEC) figures showed it cut production sharply in January, and as lead member Saudi Arabia said it would reduce its output in March by an additional 500,000 barrels.