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Oil gains 2 percent as Saudi Arabia readies more supply cuts

Oil prices were up more than 2 percent on Tuesday on steep OPEC production cuts, with its de-facto leader Saudi Arabia planning to drop March crude output by more than a half a million barrels per day below its initial pledge.

JEFFREY LIPTON in BARBADOS – http://feeds.reuters.com/~r/reuters/businessNews/~3/NmSNO8CdRno/oil-gains-2-percent-as-saudi-arabia-readies-more-supply-cuts-idUSKCN1Q103A