Mubasher: Oil settled higher on Wednesday, amid reports regarding output cuts.

February NYMEX WTI went up 1.13$, or 2.5%, to close at $46.54 per barrel.

Saudi Arabia reduced its oil production by around 464,000 barrels per day during December, according to Bloomberg.

Meanwhile, members and non-members of Organization of the Petroleum Exporting Countries (OPEC) began to enforce output cut agreement with the start of 2019.