Oil prices rise after Saudi Arabia cuts supply for December
Oil prices rose about 1 percent on Monday after Saudi Arabia, the world's biggest oil exporter, announced a cut in December supplies, seen as a measure to halt a market slide that has seen a 20 percent slide since early October.
Brent crude futures rose 93 cents, or 1.3 percent, to $ 71.11 a barrel by 0051 GMT.
US crude futures rose 54 cents, or 0.9 percent, to settle at $ 60.73 a barrel.
Saudi Energy Minister Khalid al-Faleh said on Sunday that his country plans to reduce its oil supply to world markets by 0.5 million bpd in December, as OPEC faces uncertain prospects in its attempts to persuade other producers to agree to cut production coordinator.
Al-Falih told reporters that Saudi Aramco's crude oil allocations to its customers would fall 500,000 bpd in December compared to November due to a seasonal drop in demand. This represents a reduction in world oil supplies by about 0.5 percent.