Oil hits 11-month high near $57 as Saudi supply cut supports

Oil hit an 11-month high just below $57 a barrel on Tuesday as tighter supply and expectations for a drop in U.S. inventories offset concerns over rising coronavirus cases globally.

Saudi Arabia plans to cut output by an extra 1 million barrels per day (bpd) in February and March to keep inventories in check. The latest U.S. supply reports are expected to show crude stocks fell for a fifth straight week.