Oil futures rebounded for the first time in six days in New York after Saudi Arabia said it will cut its February production.

Saudi Arabia will slash its February production by more than the a previously set target, Oil Minister Ali Naimi said Tuesday, according to Dow Jones Newswires.

Supporting gains was the re-emerging gas dispute between Russia and Ukraine and colder weather on the East Coast of the United States that may trigger demand for fuels.

Crude oil futures for February delivery rose 3.19 percent or $1,2 to $38.79 a barrel by 11:25 a.m. on the New York Mercantile Exchange Tuesday.

In early trading crude futures dropped below $37 a barrel.