Oil prices rose more than 1 percent on Tuesday after OPEC figures showed it cut production sharply in January, and as lead member, Saudi Arabia said it would reduce its output in March by an additional 500,000 barrels. Growing investor optimism for a breakthrough in the latest round of U.S.-China trade discussions also boosted futures as members of both sides met in Beijing. Brent crude futures gained 91 cents, or 1.5 percent, to settle at $62.42 a barrel. U.S. West Texas Intermediate (WTI) crude oil futures rose 69 cents, or 1.3 percent, to settle at $53.10 a barrel. Oil prices edged up slightly post-settlement after data from the American Petroleum Institute (API), an industry group, showed U.S. crude oil stockpiles had unexpectedly fallen. Crude inventories fell by 998,000 barrels […]