MARKET WATCH: Oil prices rise on reassuring comments from Saudi Arabia

The light, sweet crude oil price for February broke through the $50/bbl mark on Jan. 9, settling above $52/bbl on the New York market while the Brent crude oil price for March moved above $61/bbl. This eighth straight day of increases is attributed, in part, to comments about crude output reduction made by Saudi Energy Minister Khalid al-Falih.