Data showing slowed U.S. production and slightly higher demand sees oil prices climb
Prices for West Texas Intermediate (WTI) and Brent crude were both up on news that U.S. oil production is continuing to slow. Light, sweet crude for May delivery settled up $3.10, or 5.8%, to $56.39 per barrel on NYMEX, while Brent gained $1.89, or 3.2%, to $60.32 per barrel.

Source: Bloomberg WTI price chart

U.S. production slowed down 2% from the prior week, reports The Wall Street Journal, sparking one of the biggest one-day rallies for U.S. oil price...

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