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Oil prices on the rise, crude oil trading at $52.50 a barrel

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Posted at 1:50 PM, Jan 04, 2017
and last updated 2017-01-04 16:52:13-05

U.S. crude oil is trading at $52.50 a barrel Wednesday, up 17 cents from yesterday.

Brent crude is trading at $55.68 a barrel.

The gains were due to an expected tightening of oil supplies as major producers like OPEC plan to cut crude output from this month.

Oil prices are on the rise as Saudi Arabia looks to increase their prices for crude oil as part of a deal with OPEC.