Oil Jumps After Saudi Arabia, UAE And Kuwait Pledge Deeper Cuts

Oil prices rose early on Tuesday after OPEC's Middle East heavyweights pledged additional cuts, instilling hopes in the market that further production reductions could help accelerate the drawdown of the enormous oil oversupply. As of 10.38 a.m. EDT on Tuesday, WTI Crude was surging 5.05 percent to $25.36, and Brent Crude was up 1.62 percent on the day at $30.12. On Monday, the world's top oil exporter and OPEC leader, Saudi Arabia, said it would cut oil production by an additional 1 million barrels per day (bpd) in…