Oil prices up more than 1 percent on OPEC cuts

Oil prices jumped by more than one percent after figures out of OPEC showed the cartel slashed production last month.OPEC said Tuesday it cut production by almost 800-thousand barrels a day in January compared to the previous month...to average 30 million barrels a day.The bulk of the cuts was led by Saudi Arabia and were aimed at boosting sagging prices.West Texas Intermediate crude oil futures rose one-point-three percent to 53 U.S. dollars a barrel after OPEC released the data.