The price of US crude oil is continuing to climb, and could well rise further, on the back of an announcement Wednesday by Saudi Arabia that it will cut its exports in January by 10% compared with November. Saudi Energy Minister Khalid al-Falih said it will reduce its exports from eight million barrels per day to 7.2 million and that there will be a further cut of 100,000 barrels per day in February. Emphasizing their underlying strength, crude oil prices have held up remarkably well despite data from the US Energy Information Administration showing that crude inventories fell by 1.7 million barrels in the week to ... (full story)