Crude Oil Climbs After IEA Says OPEC Has Cut Prodcution to Two-Year Low

(Bloomberg) -- Oil rose after the International Energy Agency said OPEC had cut supplies to a two-year low to reduce global stockpiles.

March crude output by the Organization of Petroleum Exporting Countries, the producer of about 41 percent of the world's oil, dropped by 165,000 barrels to 30.1 million barrels a day, the lowest since January 2005, according to the IEA, the adviser to fuel consuming nations. A drop in U.S. gasoline stockpiles before the summer driving season begins also propped up prices.


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