Oil Prices Edge Higher as Saudi Cut Outweighs Bearish Backdrop

A pumpjack is seen at the Sinopec-operated Shengli oil field in Dongying, Shandong Province, China, on Jan. 12, 2017. Chen Aizhu/Reuters

LONDON—Oil prices edged higher on Wednesday as Saudi Arabia’s surprise weekend pledge to deepen output cuts outweighed weak Chinese export data.

Brent crude futures were up 36 cents, or 0.5 percent, at $76.65 a barrel by 0949 GMT while U.S. West Texas Intermediate crude futures gained 37 cents, or 0.5 percent, to $72.11.